Your Unamend Heirs Get Paid First
The good news is everyone has an Estate Plan. The bad news is it may not be the one they wanted.
Do You Have a Will?
According to Wikipedia – A will or testament is a legal document by which a person, the testator, expresses their wishes as to how their property will be distributed at death, and names one or more persons, the executor, to manage the estate until its final distribution.
Dying Without a Will Could Mean High Anxiety For Your Heirs!
Other than the fact they are all dead, what do Abraham Lincoln, Prince, Sonny Bono, Martin Luther King, Pablo Picasso, Chris Kyle (actor-American Sniper), Marlon Brando, John Denver, Jimi Hendrix, James Brown, Howard Hughes, Aretha Franklin, have in common with each other? They all died without a Will!
It Can Take Years and Years to Settle an Estate
James Brown died in 2006 and his estate was still not settled as of 2016.
Howard Hughes died in 1976. It took years to settle the estate. He had no direct descendants but in the end, 200 distant relatives were given large settlements. Who has 200 distant relatives?
If you die without a will, due to the probate process, it can be a nightmare for your heirs; however, not for your unnamed heirs or probate attorney’s as they are called. They get paid first from the proceeds of the probate estate.
According to a 2015 Rocket Lawyer survey, 64% of Americans don’t have a will. The number is higher for younger Americans (70% of those aged 45-54) than for older Americans (54% of those aged 55-64 do not have a Will). Prince was 57.
A Revocable Living Trust is Another Estate Planning Option.
A Revocable Living Trust is a document (also a contract) set up during life that can be revoked (as opposed to an irrevocable trust) at any time before death. They are a common option in estate planning to avoid the cost and hassle of probate. A properly “funded” revocable trust holds the Grantor’s (the person who created the trust) property during their lifetime. When a death occurs, the assets pass directly to the trust beneficiaries without probate court proceedings. Unlike probate proceedings that are publically recorded at county probate offices, trust assets privately passed to the beneficiaries.
It’s Your Decision
You decide or the State will decide on whom, when, and how your heirs will receive your assets upon your passing.
Download the free brochure on general estate planning basics titled:
Top 10 Ways Estate Planning Can Benefit You