If you ever thought having a will was enough to secure your assets when you pass away… it’s not. But don’t worry, you’re not alone in this misconception.
Although having a will has benefits, such as appointing an executor as a representative to collect assets, or pay debts and distribute remainder of the estate, there is still the burdensome process of dealing with probate courts. The most efficient way to ensure that your heirs receive their inheritance without the costly and oftentimes drawn-out process of going through the courts, is to set up a trust.
A trust is a great way to make sure that your assets are taken care of, regardless of your mental state or capacity. Taking the time to meet with an estate planner and to make sure your affairs are in order will not only give you peace of mind, but it’s also one less thing for your loved ones to have to deal with when already mourning a loss.
Prior to meeting with an estate planner, take some time to decide who would be best to oversee your estate and evaluate what assets you have. The term “assets” includes children, pets, real property, retirement accounts, bank accounts, art, jewelry, and other items that hold value to you. Once you make the list, think about who you want your assets passed down to, whether it be a family member, friend, or charity. You can always amend your trust as life has a tendency to change, but knowing you have your affairs in order is one less headache to deal with.
Have further questions about wills and trusts? Contact us.