Will. Trust. Asset Protection.
Do you have a Will? A Trust? an Asset Protection plan?
Are you someone with a fair amount of assets, let’s say over $150,000? Suppose you have no immediate family, e.g., spouse, domestic partner, children, whom you want to leave your assets to. And let’s further say, you have a sibling you dislike and have not spoken to in 7 years. But let’s also imagine that you have 2 cats, a best friend, and three favorite charities you currently contribute to. Finally, presuppose you do not have an estate plan, with a will, trust, power of attorney, or health care directive?
Protect Your Assets.
Then you die. What do you think will happen to your $500,000, $1-million, or more worth of assets? Your state laws on descent and distribution will be applied. More than likely, that sibling you hate will get a good portion of your estate after taxes. Your best friend, who you wanted to leave your jewelry, art work, your pets, and your new Mercedes, will get nothing. Those charities that you love and wanted to donate half of your estate to will also get nothing. Is that what you want?
How do you avoid such a horrible and undesirable result? You take control of your estate plan now.
Don’t put this important step off for one more moment. Make the time to prepare your estate documents now, while you are alive and in your right mind. There are 5 documents that generally comprise the estate plan:
At the very minimum, you should have an updated Will. Since laws regarding probate are state governed, each state has different rules. If you have not done so yet, consider consulting with a Will and Trust attorney in your state to counsel you as to your next steps. The last thing you want is for your hard earned assets to be given to someone you don’t even like.