A few years back, my awesome friend asked me if I was a notary public because she wanted her Living Trust notarized. Being the inquisitive soul that I am, I couldn't help but ask her why she opted for a Living Trust instead of a Will. To sum it up, she simply wanted to dodge the whole probate ordeal. Unlike a Will, a Living Trust cuts out the court process entirely. You see, probate is this whole court administration thing that happens when someone passes away. And let me tell you, it's a total money drain, time suck, and source of unnecessary legal headaches for a family already grappling with grief.
Estate Planning is an important life plan to have. Estate Planning makes it easier to transfer a person’s wealth and assets after death without the involvement of the court. Assets like, life insurance, pensions, real estate, cars, personal belongings like furniture, jewelry and debts are all part of one’s estate. I was wrong to associate Estate Planning with wealthy individuals with large castle sized homes, jets, cars, maybe even yachts, having a plan in place to distribute their wealth upon death. An Estate is anything of value to you, it has no association to wealth but everything to do with what is of value to you. Stuff in your garage, furniture, cars, jewelry, cash in the bank, your home, land, other assets, coin collection, treasure box or other possessions.
The number one reason to have this life plan in place is to spare your loved ones the burden of making tough decisions on your behalf. It's simply not fair to leave them with the responsibility while we could have easily planned ahead of time.
If you already have a Will in place, which is wonderful, it's important to understand that it will still need to go through a court process. In order to avoid this, I highly recommend considering a Living Trust. To fully establish a comprehensive estate plan, I encourage you to reach out to both an Estate Planning Attorney and a financial planner. These professionals can guide you through the various elements involved in creating a solid estate plan. Remember, there are many benefits to having a well-prepared estate plan in place.
Unfortunately, if you haven't made a plan for your estate, the State will step in and make one for you.
“Death is not the end. There remains the litigation over the estate.” – Ambrose Bierce