ESTATE PLANNING SECRETS REVEALED
Estate Planning Secrets Revealed
Allocation of assets in case of an unexpected emergency seems a tedious task with all those papers and processes. However, it is undeniably every employee’s goal to be able to leave something for their family that might be of great help for their future endeavors. Usually, estate planning can encounter many bumps along the way but luckily, there are simple measures to avoid majority of them. Here are some of the top tips to ensure your loved ones get the proper inheritance you had set aside for them.
Be extra careful of disinheriting children
If you plan to leave a part of your holdings to children from a previous marriage, there is a risk of those assets falling in the hands of step mothers or fathers, which they might pass on to their own offspring. To avoid this, choose a living trust instead of a beneficiary. This one is completed during an individual’s life that enables a convenient transfer of property without having to endure a probate procedure.
Be ready in case of a divorce
Unfortunately, there is a possibility that what you have left for your child might be obtained by his or her spouse during a divorce. Obviously you would not want this to happen especially if you are not in favor of the partner. For this kind of situation, a specially designed trust would be the perfect solution. It includes the creation of a trust share particularly for your child, and will remain in his name and management. Another thing, this type of trust also offers protection from bankruptcy.
Select trust over probate
Probates can be quite of a task, as it requires a legal process wherein your will is to be reviewed to determine its validity. It also entails an executor who will supervise the collection of the deceased person’s holdings, and pay his remaining liabilities. Plus, this procedure can be costly as well.
When drafting the distribution of your assets, another bonus tip is to base your decisions solely on your mind, instead of emotions. Prioritize security of your property or hire an attorney to help you sort your wealth.
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