Tuesday, September 1, 2009, AM | Leave Comment
You can protect what you have – your assets – by naming beneficiaries, creating a will, and other estate-planning tasks. That means you would distribute it to the people and causes most important to you.
A will is the most important tool to preserve your assets
A will is one of the most important legal documents you can create. It states who gets what after you are gone and names someone to make things happen the way you say they should. If you don’t have a will, your assets will be dispersed according to state statutes – and who wants that?
Learn about probate
Whether you have a will or not, your estate assets will generally be subject to a legal process known as probate. This process varies from state to state. When someone dies without a will, their assets can be tied up in the costly delay – and public display – of probate court.
Learn about legal challenges you might face
Without a clear estate plan, you may unintentionally trigger legal challenges among family members since it may be unclear how you really intended your assets to be passed on.
Designating guardian for your minor children
If you have minor children, it’s critical that your will designates a guardian for them, and name a trustee to protect your children inheritances. Don’t let the state do that for you. Death knows no time boundaries.
In a Nutshell
Yes, it’s an uncomfortable topic, but think of it this way, do you want someone else making these decisions for you? Be in control and let your beneficiaries be in control. Don’t let the state make decisions for you.
Find and talk to a good Financial Adviser. In addition, it’s important to know the difference between what you can do on your own and when you need professional help in preparing for the unexpected. Do-it-yourself is too risky.
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