Johnson Law Firm
One of the most important parts of estate planning is making a will. When you make yours, there are a couple of different ways you can choose to divide your assets among your heirs.
To protect assets effectively, you have to store them in the right legal entity. However, that can depend on whether you’re looking to protect business assets, avoid estate taxes, or protect personal assets from legal liability while running a business.
You’re single, and you don’t have an estate plan or even a will. Perhaps you think you don’t need either because you’re not wealthy and don’t have children.
The main reason for an estate plan is to make sure that your wishes are followed after you are gone.
While more than half of Americans believe estate planning is essential, a mere 33% actually have a living trust or will. And one out of three respondents who don’t have a will reason that they don’t think they have sufficient assets to warrant estate planning.
Estate planning is crucial to leaving your beneficiaries with your possessions as you intend.
In certain instances, particularly when there is no Will, the system ensures that all accounts and property are distributed in accordance with state law.
Estate plans are made up of many parts, including wills and trusts, as well as any additional documents or information that will help beneficiaries carry out the requests of the benefactor.
If your estate plan benefits Gen Y (also known as Millennials) it’s important to design a trust that supports what makes them thrive.
Having the right legacy plans and documents in place is one of the most important steps aging individuals can take, both to give themselves peace of mind and to avoid the possibility that confusion will make an already challenging situation even worse.
