Your Unnamed Heirs Get Paid First
The good news is everyone has an Estate Plan. The bad news is it may not be the one that 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.
If you die without a will it can be a nightmare for your heirs but not for your unnamed heirs (probate attorneys). Probate attorneys get paid first from the proceeds of the estate. According to Martindale-Nolo Research probate attorneys can charge $250-.$310 per hour to help with estate administration when they bill by the hour or a flat fee of the gross estate to assist in estate administration.
Dying Without a Will Could Mean High Anxiety For Your Heirs!
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? All died without a Will!
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.
It Took Years to Settle Their 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.
A Revocable Living Trust – 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 they die, the assets pass to the trust beneficiaries without probate court proceedings. Unlike probate proceedings that are recorded at county probate offices, trust assets are passed to the beneficiaries privately
It’s Your Decision
Either you decide when, and to whom your assets will pass or the state will decide for you.
Download the free brochure on general estate planning basics titled:
Top 10 Ways Estate Planning Can Benefit You
How Do You Avoid Probate and Necessary Taxes
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