What is estate planning?

 

Simply stated, estate planning is a method for determining how to distribute your property during your life and at your death.

It is the process of developing and implementing a master plan that facilitates the distribution of your property after your death and according to your goals and objectives.

At your death, you leave behind the people that you love and all your worldly goods.

Without advance planning, you have no say about who gets what, and more of your property may go to others, like the federal government, instead of your loved ones.


“ A living trust is a cost-saving device: in most states, it allows you to avoid the expense and delay of probate proceedings, which can take up to 3 years to complete and eat up 10% of the value of your estate. ”





Why do I need estate planning?

 

When you pass away, two groups will be interested in your estate: Your creditors and your heirs


You have 3 options on how to take care of the groups:


Do nothing
Every thing will be worked out, through the Probate process.
(Usually this will cost between 3 and 10% of your estate in court costs, and the court will decide where your assests are distributed, and who will care for your minor children)

Prepare a Last Will and Testament
This will help eliminate the arguing by letting your wishes be known, but it will not eliminate the probate expense.

Plan your estate with a Revocable Living Trust
A Revocable Living Trust is very similar to having a company where you are the president, and control everything to do with it.
You assign a vice-president (your Successor Trustee) who can only step in and take care of things if you are unable to.



Click here for a SAMPLE

 

Getting Started