Protecting Your Assets
The Importance Of Protecting Your Assets
While most people are afraid to plan for the future, it is a crucial step when protecting your assets. If you don’t have a plan in place, your loved ones may be forced to make difficult decisions on your behalf. Plus, the state can then tax your possessions and might distribute them how they see fit. Having your own wishes listed out in legal documents is the best way to be prepared.
Trusts And Wills: What’s The Difference?
Wills and trusts are useful tools that will ensure money and property go to the correct people. A will lists out how your estate will be distributed and managed upon your death. This makes sure your possessions go to the people you want. One of the most important decisions you will have to make is determining who will be the executor of your will. This is a person you trust to carry out the instructions you have left. We can help you work through this process and make informed decisions.
A trust can replace or supplement a will. The main purpose is to distribute a person’s property by transferring its benefits and responsibilities to different people. The end goal is to have a smooth transition of affairs after death. It also allows for the management of your assets should you become incapacitated. It’s important to note that a trust does not pass assets immediately. Instead, assets pass without having to go through the probate process.
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It’s normal to be overwhelmed by all the tough choices that estate planning entails. However, your family members will become even more overwhelmed if you don’t create an estate plan.