Privacy, Protection and Peace of Mind: Three good reasons to create an estate plan now.
Wills, Living Trusts, Health Care Directives, Powers of Attorney and more
Estate planning is one of those things we know is important, but avoid for one reason or another. The most common explanation people give for delaying estate planning is that they believe it’s very costly and complex. But the underlying reason for not putting one’s estate in order is that we are afraid to do so. Lest you think this is uncommon, it’s not. Some very high profile, famous people — including international stars like Michael Jackson and Prince — died without a trust, or even a will.
While it might be a difficult subject, what’s more difficult is subjecting one’s family to dealing with estate matters when we are gone. And the fact of the matter is that putting your house in order — along with the rest of your assets — is usually far less onerous than it seems.
Where there’s a will, there’s…probate
The best-known way to state your intentions to your heirs is to leave a will. But while preparing a will is far better than not doing so, it also creates something many people don’t consider: It subjects your assets to probate.
So, what is probate? Simply put, probate means your family is not in charge of distributing your assets. Instead, a probate court is. And besides leaving it up to the probate court manage things, an estate in probate exposes your assets to public scrutiny. Plus, many people don’t realize that the administrative costs associated with probate can cost far more than creating a living trust!
When is the right time to think about estate planning?
Whether you are retired, middle aged or just starting out, it is never too early or too late to start thinking about estate planning. A properly drawn will and trust spells out how your spouse and children are provided for in the event that you pass away. Furthermore, professionally-prepared estate documents reduce the inevitable stress your executor and surviving family members will face as they see to your final affairs.
What is the cost of peace of mind?
Mr. Wallace has been preparing trusts, estates and wills for many years. If you don’t have a will or living trust, or if you need to alter your existing estate planning documents, don’t take any chances. Get in touch with estate lawyer Edward S. Wallace today.