 What if something bad happened..... What if you became sick or were in an accident and are now incapacitated and unable to handle your affairs. What documents or permission slips do you currently have in place at all the companies where you do your money-business, therefore relieving them of liability so they will only then allow your spouse or adult child, business partner, or trusted friend to perform their needed duties? If you don't get these documents in place before that situation arises, someone will have to step up to the plate, along with hiring an Attorney, time in court, and expenses to get these documents in order. It could take as much as a year or two to accomplish what routinely takes two or three weeks if done now with a revocable trust, also known as a living trust. Many times incapacity comes first, but sometimes life doesn't go that way and the end happens quickly. In addition to dealing with grief, the remaining folks are left with hundreds of questions: what to do? The information you provide to include in your plan will be awaiting a future need to answer those important questions. Sometimes, people think that by adding one or more of their children as "partners" on their home and/or account ownership, they have solved the problem. That's nice, but .... what may have happened by doing that is creating a major tax problem for your children that could have been avoided with a trust. Another interesting point: if an attorney has told you that you don't have enough for a trust, why would they say that? Did you know that an attorney could make ten times as much or more from an estate by escorting that estate through probate as compared to what a trust would cost? Without a trust or estate plan in place: • It can take a year or perhaps longer to take the estate "through probate." • The state will divide your assets, including sentimental items and family heirlooms. • The court will name an executor for your estate rather than someone you chose. • The court will designate a guardian for any minor children or others under your care. • Probate proceedings are public records. Anyone can access your personal financial details. • Amid the sorrow of losing a loved one, families also have to navigate the stressful probate process. Having to regularly interact with legal entities and potentially face disputes can be overwhelming when those decisions have not been made ahead of time.  |
