Just Married? Need An Estate Plan?
Just Married? Should You Have An Estate Plan? Let’s Talk.
Congratulations on your nuptials! We hope you had a dreamy honeymoon. Now it’s time to tackle estate planning early and get down to business. Sitting down with your spouse and discussing estate plan updates or intentions will put you both in a position to be prepared for the unexpected.
Here are 3 things to do after you get hitched.
#1 You and your new spouse should discuss any existing:
Trusts or wills
I Have No Will. What Happens To My Children?
After you pass away, do you know what your child can receive if you have no will?
Parents are not obligated to leave any property to their children upon their death. Parents do not legally have to provide any of their belongings or estate to children. This sounds a little harsh, but some states allow parents the ability to disavow or disown their children in their will. Known as “interested persons”, children may have the right to, under certain circumstances, contest their parent’s will. Now if you, as a parent, were to pass away without a will, your children may have rights to your property under state law. These children become heirs.
What Is Probate And Why Do I Need It?
Depending on your estates’ size, probate is a process that allows a Probate Court Judge to be able to decide you will be able to inherit your property and assets. Probate, when a judge is involved, can lead to a very expensive, time-consuming, frustrating, and lengthy process. Your children and your spouse will be the ones to receive your property and possessions for each of your assets if you do not have a will.
Three Reasons Why You Should Use A Mediator
- You are able to be in control.
You set the timeline, and you do not have to deal with the hassle of depending on a judge and or jury to determine and control the outcome of your dispute. An experienced attorney/mediator can help you create a customized plan, on your terms. In court, rulings by the judge are out of your control, completely. Research shows that people, especially ones with no legal representation, can be unrealistic with optimism and with expected outcomes. These people are surprised when they realize they may be on the losing end. You can be more creative with a mediator as it pertains to finding solutions for all parties to be in agreement.
What Would Happen If I Died Without An Estate Plan?
There are several reasons why it is important to have an estate plan. In your lifetime, you most likely will want to make sure that you have control of your assets, and if anything were to ever happen to you – such as incapacitation – that your personal estate would be taken over and controlled by a trusted person of your own choice. Before you pass away, you would want to ensure that your assets are distributed according to your wishes; especially if you have children, family, a business, property and even charitable bequests.
I’m A Small Business Owner. Should I Have A Living Trust?
As a small business owner, your company is your wealth. You may not have large investment accounts, and your funds may be tied up in another business endeavor. But what happens after you pass away? Can your heirs face dealing with non-liquid assets? Would they need fluid funds to pay inheritance and estate taxes? Heirs may be so panicked that they create a “fire sale” in order to meet estate taxes, or may even sell out the business.