Why You Should Plan Your Estate
While it is not fun to think about and can often feel overwhelming, planning your estate is crucial if you want what is best for your beneficiaries. There is a lot that goes into planning your estate and you should have all of the information necessary to make the best decision.
Transfer Your Assets The Right Way
While having a Will is a means of transferring things to your loved ones, it is often not the best way. Most people, when given a large sum of money, will go through it very fast. This can lead to them getting into their own financial problems and having nothing to rely on later. Just letting someone have everything all at once just isn’t the best way of doing things.
Putting together a Trust means that as long as you are alive, you maintain control of all of your assets. At any point you can modify the trust or take back complete ownership of it. You can also add clauses that limit the accessibility of it to your loved ones. This prevents it from being squandered quickly. Limited distributions will ensure that.
Addressing Life Issues
In the event that you should become incapacitated, you would be able to make sure that certain objectives are met before any or all of your assets are distributed. It is important to note that if you require long-term care in your lifetime, it would not be covered by Medicare.
Everyone has heard how messy probate can be. There are ways to avoid that and keep your affairs in order. When you plan your estate, you walk away with a comprehensive plan that your wishes are going to be followed and your bases will be covered.
Call the office of Keri D Palacios today to schedule a consultation for your Estate Planning or to set up a Trust or Living Will.