Having a Will or Trust is extraordinarily important. Here are 4 important reasons why.
1. If you do not have a Will or Trust, your property will go to your surviving spouse or if you have children from outside your marriage, it will go partly to those children and partly to your spouse. Is that what you want? Your children are able to receive the money free of the control of a responsible adult once they reach 18. Is that really in their best interest or should the assets be held in trust until they are older and more responsible?
2. Who will administer your estate? If you have a Will, you choose your administrator (your executor). If not, it may be the family member you really did not want to have that authority or it may be a stranger to your family who must do the job because of the requirements of the insurance company which will bond that representative.
3. Without a Will, you are not able to limit the amount of money your administrator will receive. You are also not able to control who will be the attorney representing your administrator.
4. On consulting with an experienced estate planning attorney, you are able to make informed decisions regarding who gets what and who is best suited to administer your estate. You are also able to consider contingencies such as death, disability, grandchildren, or disabled children or grandchildren.
Every year there are new rules established by the IRS concerning Estate Planning Law. Find out what's new for 2016 and how it affects how you plan your estate. Click to download our free printable tipsheet from our attorneys at FRR.
You may also be interested in: