The truth of the matter is this: we work hard for what we have, and we shouldn’t have to give our assets to the courts and government when we die. We already have death taxes. Anything more than that is adding insult to injury.
Why do I need a Will?
A properly drafted Will can do several things. It can tell your Executor what to give, and to whom. It can name a guardian for your children if they are under the age of 18. Sometimes a Will is the best form of estate planning even more so than a Revocable Living Trust. Let me explain.
A Will must be probated (go through the courts) is your estate has any real property and/or is worth more than $150,000. If, for example, you own a home worth $250,000, and have a little cash, your heirs will have to probate the Will and the court will decide the details. A trust is a private document that controls your assets outside of probate. What if you have that one child (or more!) who will fight and argue no matter what you say? What if you want to give one heir more than another, and the one with less will become angry enough to fight it out in court by suing your Trustee and Estate? YOU END UP IN COURT and all your assets are public now anyways.
If you suspect this is likely to happen in your family, a Will would be the best planning device for you.
A Will with a Trust or Transfer on Death Deed
A will combined with a trust can be the perfect combination of documents for you. Or, if a trust is not something you need, then a Will coupled with a Transfer on Death Deed would likely keep you out of probate and make the transfer of your home and other assets smooth and easy for your heirs.
There are certain considerations in deciding which is right for you. Download my free guide (coming soon) to help you decide which plan you might need.
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