There is no excuse not to have a will. With a simple will starting around $400.00, the cost is quite affordable compared to the peace of mind you will receive.
What do you need to know to start a will? Essentially, you need to know:
- Who would you want to get everything together for the Probate process?
- If you have small children, who do you want to take care of them?
- You will need to know what property you own and who you would like to have it after you die.
- Don't get overwhelmed by the little things, Focus on the property that means something to you or to someone special.
- Do you have any message, wisdom or blessing you would like to pass on to someone after you die?
Print out this worksheet to get started. Be sure to bring it to your first appointment.
REAL ESTATE TRANSFERSReal estate can be a big part of planning for the future. Gift taxes and Estate taxes seem to change constantly. If you have real estate that you would like to transfer to a family member, friend or charity, there may be reasons to do that in your life time as opposed to doing it through your estate.
ESTATE PLANNING IS NOT AS SCARY AS IT SOUNDS
Estate Planning sounds like something that only applies to rich people. Not true. Estate planning just means planning for the future. It is a way to take care of your spouse, children, grandchildren or others who are special to you. There are many tools available to you depending on your needs or what you want to accomplish.
Trusts are useful estate planning tools that benefit all kinds of people. A trust is an easy way for parents with young children to provide for their families. The trust can be written to take into account the clhildren's ages, financial situations, and special circumstances when distributions are made.
A trust can be the best way to care for those beneficiaries who may not be able to manage property outright, including those with special needs or those who just seem to speed money too fast. It is also a way to pass down property that can't be divided easliy like a house or a business.
Trusts are private agreements and do not become part of the public record unlike a will. And, of course, trusts can help minimize estate taxes.