| There should be a step by step
outline, expressing your wishes after you are deceased.
If you do not have an estate plan, it will be left up
to the state. Every state had different rules and trust
me, they will not necessary be in your best interest.
The state laws will apply, and your assets, will be
divided to your wife and other family members according
to state law. Guide your own destiny and do not leave
it to the state and leave your family in a state of
confusion. Have an estate-planning document in place.
People are becoming more educated but a great many
have no provisions for when they die. There is neither
a living trust nor a will in place. For the most part
we are consumed with our everyday duties. This is
an area we don't like to think about and contemplating
our demise is our least favorite subject. But sad
as it is a great many people die at an earlier age
they expected with out a living trust or a will. The
sooner you take care of it, the sooner you can move
on, and forget about. Protect your family and whomever
you care about and do not put them through the grief
that will cause if you have no such document.
So what will be my choices for a living trust and
estate planning?
Traditionally, estate planning has involved creating
a will. This is the legal document that decides who
gets what after you die. Who will be the administration
of your estate that will be there to make the decisions
you no longer can? Or you can leave it up to probate
court.
This procedure can be relatively quick if there are
not a lot of financial resources and could be over
in a manor of months but if there is real wealth could
take years.
Once you have a will, and as long as you have your
wits. You can makes changes as many times as you wish.
Depending on whom is in favor at the time.
Jeffrey Broobin is a free-lance writer on family
and finance issues; his main goal is to help people
during their complicated period of life. |
