Wills and trusts can be tailored to fit an individual's needs. This is the beauty of estate planning. Regardless of one's family makeup, resources, or desire for asset distribution, there is a legal strategy for them.
Simple probate may be available to those with smaller estates
Much of estate planning focuses on how an estate can avoid the probate process. There are many reasons why an individual may want to do this. To start, probate can stall the asset distribution process. It requires the identifying of assets, the settling of debts, and determining how assets should be disbursed amongst heirs and beneficiaries. This process can be costly, too. This can cause heirs and beneficiaries to lose a significant amount of their inheritance's value as court and administration fees are withdrawn.
When is it time to update my estate plan?
Everyone's life is in a constant state of flux. Relationships start and end, bank balances fluctuate and opinions change. Estate plans should be altered in order to reflect this change, but it is, of course, absurd to change them monthly to reflect the small changes in our lives.
Common issues when creating a will or trust
The will is often thought of as the most basic of estate planning tools. This is true to a certain extent. This document basically spells out how one's assets will be distributed upon death.
