Should I Do Estate Planning?

What is an estate? Your estate is everything that you own up to the time of your death which includes: your home, vehicle, life insurance, 401K, IRA, annuities, other assets you own and any outstanding debts you may have.

Do I have to be rich to have an estate plan? No.

Why is it so important for me to make plans for my estate? It is important for you to plan your estate so you can protect your assets and property in order for it to be given to who you have intended. The estate plan would also make sure that your minor children or grandchildren are protected, your possible nursing home care, keeping your will from being contested and estate taxes.

What is a will? A will is a legal document which allows you to specify who will inherit your assets and when they will receive their inheritance.

What is a beneficiary? A beneficiary is a person(s)or organization which you have chosen to receive some or all of your assets upon your death.

What is probate? Probate is a legal process wherein a person's estate is administered by the court after they die. Probate usually occurs when a person dies and does not have a will or trust established.

If the deceased person has a will, in some instances, the probate court will need to determine if the will is valid. Probate court will also determine how a deceased person's debts and taxes are paid. In addition, the court will determine how property is appraised, distributed, how transfer of title will be done and which heir will receive certain assets from the estate.

How can I avoid my heirs from having to go through the process of probate? Well, you can do this by having a living trust or life trust.

What does dying in intestate mean? This means that a person has died without leaving a will or trust for their heirs. Of course, if this occurs, the person's estate will go into probate.

Who would be considered as an executor? The executor would be a person you appoint in your will or trust to settle your estate.

What is a trust? This is a written agreement that indicates who will manage your assets which are placed in a trust during a time you may have become incapacitated or after your death.

Should I Have A Trust?

Get your copy of Personal Finance Tips For You for $12.99 to learn tips and information on the following: how to stay on track of paying your bills on time; determine if you should pay yourself first; discussing finances before marriage; and many more personal finance tips for you inside this book.

Asset Protection, How Can I Do This?

Return To Home Page