The number of Americans who have never created a will is astounding. Some figures put it at 70 percent. That means the heavy majority, if they passed away tomorrow, would have absolutely no plan in place to distribute their assets.
Estate plans come in many shapes. They have to take your unique situation and needs into account. Each estate plan has to reflect your wishes and should make things as easy as possible for the people who are included in the plan.
When a person takes the time to create an estate plan, he or she will usually assume that people will accept the will and other portions of the plan. There are some cases in which wills can be challenged and these reasons are very specific.
As the executor of a will, you won't rest until you have done everything required of you.
Protecting your loved ones after you pass away is something that many people think about. You might decide to create your estate plan to help you do this. However, you should understand that not all estate plan components are created equally when it comes to making sure that your loved ones will get what you wan them to get.
Thinking about your estate plan is something that many people avoid because they don't think that it is necessary right away. However, all adults should take steps to get their estate plan together.
When you pass away, your loved ones will have a lot to deal with. They certainly don't need to have to deal with difficulties related to your estate. The fact of the matter is that these mistakes can be costly and time-consuming, which aren't what you want your loved ones to have to deal with while they mourn your loss.
Most people understand the concept of a will. But ask them about what a trust is and how it can be useful, and many will not even hazard a guess. Long thought to be the domain of the rich who were looking for ways to pass large amounts of money and assets on to their heirs, a trust is a helpful estate planning tool that can be used in a variety of different circumstances by people of varying financial means.