Estate Planning as a Career

There’s more to estate planning than a will. While a simple document might have been sufficient for past generations, the modern man or woman needs to take a closer look at the estate planning process, if they are to avoid years of legal dispute and infighting among their heirs and beneficiaries.

There are several trends which factor into this shift towards increased conflict in probate matters. Not all of these are recent, but their combined effects are undoubtedly being felt more in the modern era than at any other time in history.

A Change in “Family” Values

One of these factors is the loosening of the traditional nuclear family. Things that used to be taboo - divorce, children born out of wedlock - are now commonplace, if not universally accepted. As a result, family relationships have become increasingly complicated and strained. When people divorce and remarry, they essentially broker a “merger” between two independent family units with different backgrounds and interests. The issue becomes even more unclear when illegitimate children born of affairs or failed relationships are thrown into the mix. Add to that the decline of the admittedly unequal but simple system of primogeniture, and it is easy to see how disputes over inheritances could arise out of such a situation.

For someone interested in estate planning, a tangled web of relationships is a daunting obstacle to overcome. What is one to do? Is it moral to favor an illegitimate child over a legitimate one? Should the children of a first marriage be given precedence over the children of subsequent unions? These are just a few examples of the thorny questions that must be answered by an effective estate plan. Unfortunately, even when done with the best intentions, the allocation of these assets to this heir or that one often results in hurt feelings and bitter (more…)

Let’s Identify the REAL Problem:

It is estimated that 70% of the population has failed to properly prepare their estate plan.

You may be thinking to yourself “What’s the big deal about that”… Well, what most people don’t realize is that not having a properly prepared estate plan can cause incredible hardship for surviving family members.

Often times the hardship comes in the form of legal issues coming from Probate. Probate is the courts way of dividing all of your assets and distributing them to your creditors and finally your family or heirs.

Assets are basically anything you own of value. Examples of assets can be things like real estate, businesses, stock, bonds, mutual funds, bank accounts, retirement accounts, life insurance, and personal possessions.

Imagine compounding the already painful experience of losing a loved one with legal and financial problems.

Here’s The Truth About Probate and
Why You Want Avoid It!

One of the biggest problems with the probate process is that after your death, a court can seize and control all of your possessions. I don’t know about you but the thought of a complete stranger (the probate judge) deciding who gets to have my stuff doesn’t make me too comfortable.

The unforeseen problem with probate is that it can drag on for several years depending on the situation of each case. This can become very costly for family members because of court and attorneys fees, which results in a portion of your estate going to cover these legal costs.

To get a Free Report about how to easily avoid probate go to: http://www.myestateplanningmadeeasy.com

This article is not legal advice but is (more…)

What is a Trust?

A Trust is a legal entity and so are you. In most cases Trusts are created to hold assets for the creator of the trust. Anything you transfer from your own ownership to the ownership of the trust becomes property of the trust.

Many legal experts believe that the foundation for a solid estate plan starts with a Living Trust.

How can a trust avoid probate?

A trust avoids probate because after your death the trust continues to live on as a legal entity, thus bypassing probate altogether. The Trust can have special instructions that have to be followed about dispersing your assets to whomever you want them to go to. Leaving the courts out of your personal business and leaving your business out of public record.

If the Trust holds my assets then will I lose control of what belongs to me?

No. As the creator of the trust you control and can make changes to the trust at any time. The trust is created for your benefit and you direct how the assets of the trust are dispersed during life and ultimately after your death.

The following are the benefits of a Living Trust:

It can virtually hold all or be the recipient of all your assets.
It also contains clearly defined distribution instructions
As the creator or holder of the trust you can do as you wish with the contents of the trust.
You control and can make changes at any time.
The contents of the trust can pass privately and directly to your beneficiaries, thus avoiding the problems associated with probate and improper planning.
You direct when, where, and how your assets will be distributed upon your death

To get a Free Report on Estate Planning please go to: http://www.myestateplanningmadeeasy.com/

This article is not legal advice but is intended for informational purposes only.

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