Preparing an Estate Plan is not just for the rich or the elderly; everyone should have their affairs in order in case the worst should happen.
Your estate consists of items such as real property, businesses, financial investments, life insurance, bank accounts, motor vehicles and even your personal possessions such as your jewelry and household items. These are examples of assets.
A Living Trust Avoids Probate
By getting your affairs in order with a Living Trust as part of your Estate Plan, you/re in the driver's seat to direct where your assets will go upon your death. Without a plan in place, the government will do their best to get far more than their fair share. By far the most popular reason for having a Living Trust prepared is to protect your family from the probate process. It allows your estate to be settled in a timely and streamlined manner.
While having just a Will is better than having nothing in place at all, a Living Trust is the best protection.
Here are some examples of the differences between a Will and a Living Trust:
Avoid Probate no yes
Private no yes
Contestable yes no
Maximum Estate Control no yes
Creditor Protection no yes
Multiple Age Disbursement no yes
Maximum Tax Strategies no yes
A Complete & Well Prepared Estate Plan will...
Help your estate to avoid probate
Ensure that a surviving spouse is provided for
Avoid conservatorship and guardianship should you become incapacitated
Designate who will receive your assets
Designate who will handle your affairs
Protect a portion of your estate from creditors upon the death of the first spouse
Designate who will handle your affairs if you were to become disabled
Protect your heirs' inheritance from lawsuit, divorce, creditors and bankruptcy
Minimize or avoid death taxes
Prevent or discourage legal challenges to your Estate Plan
Reduce the burden on those who will handle your affairs
Provide peace of mind that your affairs are in order
If you have any questions, concerns or if you want to schedule an appointment, please contact us.