Let’s dive into a topic that might not be the most exciting, but is crucial: wills and trusts. I know, I know, it sounds like something only lawyers and rich folks worry about, but trust me, it’s something we all should have on our radar. Why? Because it’s about protecting what matters most: our family and our hard-earned assets.
We will go ahead and break this down in a way that you, and truly anyone can understand.
Why Do I Need a Will?
Think of your will as your voice from beyond the grave. It’s a legal document that spells out your wishes regarding your property, assets, and even your kids if you have them. Without a will, the state gets to decide who gets what, you probably don’t want them making those decisions for you.
How Do You Go About Creating a Will?
One way is to work with an attorney and have them draw up the document in line with your wishes. Some services can help you craft this important document, but they are not all created equal and we can guide you if needed. You’ll want to think about who you want to inherit your stuff, who you trust to handle your affairs after you’re gone (that’s your executor), and if you have young kids, who you’d want to be their guardian. It’s not the most uplifting conversation, I know, but it’s important to have.
What about trusts?
Trusts are like wills on steroids. They’re a bit more complex, but they offer some serious benefits, especially when it comes to protecting your assets and avoiding probate (that’s the legal process of proving a will is valid). With a trust, you can dictate exactly how and when your assets are distributed, and you can even set conditions for their use. Plus, trusts are private, so your nosy neighbor won’t be able to snoop into your business after you’re gone.
Who needs a trust?
Well, if you have a sizable estate or you want to leave money to minor children or family members with special needs, a trust can be a game-changer. It can also be a smart move if you want to minimize estate taxes or protect your assets from creditors. It is important to understand how it will work and the benefits you and your family will glean from having one set up.
I know what you’re thinking: all this legalese sounds like a headache. And yeah, it can be a bit overwhelming at first. But here’s the thing: taking the time to get your affairs in order now can save your loved ones a ton of heartache down the road. Not to mention disagreements that may stem from the uncertainty when not having these documents. Plus, it’s empowering to know that you’re calling the shots when it comes to your legacy.
Where do you start?
Well, the first step is to educate yourself. There are plenty of resources out there, including us and the trusted resources we have access to help you. We help families navigate these difficult waters all the time and take them through the entire process from education to execution.
Today was just a crash course. Remember, it’s never too early to start thinking about the future, and having a will and trust in place is one of the best gifts you can give to yourself and your family. So go ahead, and take that first step toward safeguarding your legacy. Your future self will thank you for it.
It would be our privilege to discuss your goals after you are gone and the best way to have that set p for your family. Please feel free to schedule a 30 Minute Zoom Meeting to see how we can assist.
This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal, and/or tax advice. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult your financial advisor.
