How much time will you let pass before you finalize your will? Each day that passes is a day that you are leaving yourself and your family unprepared. The unfortunate truth is that the majority of Americans do not have a will. When you pass away, you want to leave your loved ones with a plan and provisions for the future. That is what having a will is all about, and it is one of the most loving things you can do for your family.The Majority of Americans Don’t Have a Will, Do You

Why Should You Have a Will

Preparing your will allows you to plan for the unexpected. Your loved ones also gain peace of mind knowing you have done the proper planning in advance, and they gain a clear idea of your wishes. Whether young or old, you need an updated will to protect your assets and your loved ones after you die.

Create a will for the following reasons:

  • List beneficiaries and who gets how much when you pass away.
  • Avoid probate and make funds available immediately after your death.
  • Appoint guardians for your minor children.
  • Exclude people from your will that you do not want to receive an inheritance.
  • Save on estate taxes. Set up charitable donations and gifts to offset the estate tax.

Instead of leaving the fate of your assets up to the courts, take control of what happens after you die.

A Living Trust Provides Further Peace of Mind  

In addition to having a will in your estate plan, you should always include a trust. A living trust is a valuable tool to keep your estate from entering probate after you die. When you have a trust, you can buy all your property and keep your funds under the name of the trust.

Then when you pass away, the trust lives on. The executor has instructions for doling out the inheritances and paying bills. Your properties will continue to appreciate until it is time to sell. But there will be no estate to discuss at the time of death because none of the property is in your name.

Forget about waiting on probate until your funds become available to your loved ones. When you use a trust as part of your estate planning, your family can access your funds as normal and aren’t left dealing with the courts. The executor of your trust will disperse the funds according to your wishes. You can create milestones for disbursements, like college graduation or hitting age 21. You can also list actions that would void their inheritance, like drug use, arrests, or failure to hold a job.

Shoup Legal is here to help you gain the peace of mind you deserve. Contact us at (951) 445-4114 or email us at [email protected] to learn more about how we can help you with your estate plan today.