Estate planning revolves around you. Moreover, if you’re like most of us, you have been promising yourself (and your spouse) that you’ll get to it soon. But let’s face it, no one wants to plan for incapacity, long-term sickness and the inevitable which is our deaths. Even So, all of us, and our families, will have to deal with our own sickness and our deaths so I encourage you to soften the blow by being prepared for this!
The best time to do your estate planning is immediately, and it’s even more critical when you have a spouse and children, especially when the children are minors or with special needs.
Most adult children can figure things out if you choose not to plan. However, not planning only costs more in emotional distress, time and unnecessary expense as you are defaulting to probate. This is especially complicated when you have minor children and no protection for them in place.
A simple Will can be written so your estate goes directly to the child when they reach age 18. Nonetheless, an 18-year-old teenager is not prepared to manage assets, businesses or farms and ranches. This is where trust planning can really provide protection for surviving spouses and the children.
A trust gives you the opportunity to “Keep it in the Family for Generations” if wisely drafted. You can truly protect your bloodline for generations from remarriages, divorces, bad business deals and future creditor claims with proper trust planning.
Remember, with or without a Will, you are defaulting to a Probate for your family. Using this default option(Probate) to administer an estate after your death is simply not easy on your family. Moreover, Probate gives creditors an easy shot to present claims for money owed to them, or worse, money they think is owed to them. Then after all public notices have been issued and 6 – 24 months of waiting,your estate can be distributed to your heirs. Sounds too complicated because it is.
However, wise trust planning can help most families avoid this and ensure a smooth transition of wealth and property. Business owners, ranchers and farmers can maintain control during their lifetimes, and direct to whom the family legacy will pass to after their deaths. Moreover, the beauty of living trust is that the trust can be changed, amended or revoked during your lifetime when circumstances change.
Most importantly, with trust planning you avoid probate,and the publicity of probate,because the property transitions to your heirs without court intervention. A living trust also helps in the event of sickness and incapacity, and you avoid conservatorships/guardianships if you lose capacity.trust planning also helps to fulfill your wishes when you have several children and businesses, ranches and farming operations.
So, the best time to do your estate planning is immediately, and it’s even more critical when you have a spouse and children, especially when the children are minors or with special needs.
Contact our team at Borkuslaw Group today and make a live online appointment!
Please note that information contained in this news alert is not and should not be construed as legal advice or opinion nor does this information alert create an attorney-client relationship.