Good News! You do have an Estate Plan
Bad News….it may not be the one you wanted.
Fact: We are NOT getting out alive.
The definition of your estate is All your stuff.
Who do you want to get all your stuff?
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 is to be distributed at death, and names one or more persons, the executor, to manage the estate until its final distribution.
If you die without a Will, it could mean a huge nightmare 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 substantial settlements (who has 200 distant relatives)?
According to 2015 a Rocket Lawyer Survey, 64% of Americans don’t have a will. Not surprisingly, the number is higher for younger Americans (70% 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 trust document (also a contract) set up during life can be revoked at any time before death. They are a common and excellent way to avoid the cost and hassle of probate, because the property held in the trust (referred to as”funded” trust) during life passes directly to the trust beneficiaries after the trust maker’s death, without Probate court proceedings. Unlike Probate proceedings, trust assets pass to the beneficiaries privately.
Revocable Living Trusts are not for everyone, but they can be perfect estate planning tools for others.
So, you decide or the State will as to who will get your stuff and when they get it.
We can help. Get a free brochure on estate planning basics….here