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Estate Planning a Good Idea?
A person or family does not have to be wealthy or elderly to do some serious thinking regarding an estate plan. If you own a home or a car or have a checking or savings account, you have an estate. If you have children, you certainly need to plan for their future. Often a person with a small or modest estate is most in need of a plan to provide for the proper transfer of that property at death.
For those with larger estates, tax planning and asset protection join with the need to plan for your children.
There are several reasons for having a will or a trust. Most importantly, having a will or a trust allows you to decide who will receive your property rather than leaving that choice to state law.
Having a will allows you to choose your personal representative and to eliminate the cost of a personal representative’s bond the probate court would require if a probate of your estate is necessary. Without a will, the court will appoint someone as personal representation who may not be the person you would have chosen.
Having a trust allows you to avoid the probate court system altogether if your trust is created and funded properly.
Equally important, if you have minor children you can name their guardian in your will or trust. Without a will or a trust, the court may appoint a guardian who may not be the person you would have chosen. If you are a single parent, you may control not only who the guardian is but who will oversee your children’s inheritance until they come of age. |
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