Estate Planning: The Ultimate Gift To Your Loved Ones
The word estate brings to mind images of a nice home filled with valuable items, all ready to be sold once the owners pass away. This leads some to believe that estate planning is only for the wealthy. The truth is, everyone with at least some possessions needs a basic plan in the form of a will. You may not need a complex trust set up to pass your assets on to the next generation, but you do need to have an outline of how you want you assets to be divided among your heirs. Not only does this give you peace of mind now, your loved ones will be glad that you took the time to do this and prevent disagreements from happening or from them carrying out your final wishes.
Wills
When you have a will, the executor will follow the document’s directions to distribute your belongings. You need to keep it updated, especially as you add children to your family, get married or divorced. Additionally, if you move out of state, you’ll need to have a new will drawn up in your new state of residence. Even if you move every couple of years, you shouldn’t let this stop you from making or updating your will.
Trusts
This document explains how you, the “grantor” want the “trustee” to handle your assets. The trustee is responsible for managing and distributing the assets to your heirs, according to your will. Having a trust is helpful to manage the money that you want used for your child’s higher education costs, should you not be with them when they reach that stage of life. Trusts may be able to reduce estate taxes, and property that’s in a trust isn’t subject to probate. Revocable trusts can be updated and revoked at any time in your life.
Create Your Will With Attorney VanTine
Deciding to create a will is a step in the right direction; you won’t “tempt fate” by doing so. Having a plan will help you sleep easier at night, especially if you have young children at home. Attorney VanTine is compassionate and respectful to your needs. She understands that discussing mortality isn’t easy, but it’s in everyone’s best interest to have a complete will created and updated regularly. To set up a time to do your will, contact Attorney VanTine today.