Do You Need an Estate Plan?
Estate planning is the process of anticipating and arranging for the disposal of an estate. Many of us think that this type of planning is only for the wealthy. This couldn’t be further from the truth! Estate planning applies to all of us, and we should all engage in some level of planning. It is very important to have a plan to manage your health and financial decisions should you find yourself in a situation where you are unable to do so; and to be able to ultimately distribute your property to chosen heirs and beneficiaries in a manner YOU so wish quickly, privately and cost-effectively (by avoiding the probate process).
What is a Living Trust?
Trusts are legal mechanisms that allow you to put conditions on how and when your assets will be distributed upon your death. They also allow you to reduce your estate taxes and to distribute assets to your heirs without the cost (approximately 8% of the gross value of your estate), delay (9 months – 2 years) and publicity of probate court, which administers wills. A trust allows you to name a successor trustee, who not only manages your trust after you die, but is empowered to manage the trust assets if you become unable to do so.
Protecting your Minor Children
Parents with minor children face major estate planning decisions. Providing for your minor children if you pass away involves two distinct concerns:
It is important to design a plan that incorporates all of your wishes-before it is too late to do so. If you don't have an estate plan, your children's guardians and the distribution of your assets will be determined through the courts.
As a valued member of Matadors Community Credit Union you have access to FREE estate planning consultations and discounted living trusts, prepared by experienced attorneys!