Do you have your estate planning in place? If not, you might want to think again. The fact is, most Americans don’t have a will, let alone a revocable living trust. Yet ask anyone who has dealt with the estate of a deceased family member who didn’t have solid plans in place, and they’ll tell you how frustrating, time consuming, and expensive it is to get everything sorted out. If you die without thinking of wills and trusts, Weeki Wachee residents should be aware that the courts will follow state law to disburse your assets. It does not matter what you may have once promised your family or told your children.
Create a Revocable Living Trust
A revocable living trust allows your heirs to avoid probate entirely and keeps you in complete control of your finances while you’re alive. You can always make changes to what’s in the trust and to how you’d ultimately like it managed or disbursed. When you pass away, the person you designate as your successor trustee simply takes over and follows your wishes. Hiring an estate attorney to review your finances and set up a revocable living trust can cost $1,500 or more, though it can certainly be money well spent. With wills and trusts, Weeki wachee residents can also try the far less costly option of filling out the forms on your own. For added peace of mind, you can then hire a lawyer for an hour or so to review the documents and make sure they address all your needs.
Having a Will as Well
If a revocable living trust protects your major assets from probate, a will is where you carefully specify how you want your non-investment possessions to be disbursed. Do your family a huge favor by being as detailed as possible. Even if your children love each other to pieces now, arguments can easily arise if you don’t have everything spelled out. If your children are older, consider asking them to share what would mean the most to them. In the case of wills and trusts, Weeki Wachee residents can feel a little more confident in having a secondary plan incase something goes wrong with either legal matters or family disputes.
*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Jhonston & Sasser, P.A*