Do You Have Your Estate Plan Done?

The most common estate planning document is a Last Will and Testament. This is a document that after your death directs where property titled in your name goes. If you die without a will, state law controls the disposition of your property. This may make settling your estate more troublesome and more costly. Also, keep in mind that assets like retirement accounts, annuities, life insurance, etc., are not controlled by the will if you have beneficiaries named on these accounts. The beneficiary designation for each account determines where the proceeds of each account goes.

Do You Want To Avoid Probate?

Probate is the court supervised process of getting assets from your name to where they are supposed to go. If you have a will, it will go through probate. The court supervises a series of steps taken to get your assets to the heirs named in your will. Is probate bad? Not necessarily. Some think that it is slow and costly. Many people choose to utilize a Living Trust to avoid probate. The motivation here is to make the process less costly and time-consuming. Depending on what assets you own and how they are titled will determine if a Living Trust is a good option for you.

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