Why do people write Wills? Is it because they have realized the multi-generational connection between themselves and their families? Every person is unique, has a different perspective and maintains their own motivations for laying plans that reach beyond this mortal walk.
Perhaps they desire that no one in their family get a dime; and want to leave it all to charity? Whatever the motivation for you, reports state that only 30% of Americans have taken the time to put their wishes down in writing.
That is only 3 out of 10 people.
Are you 1 of the 7 people who have not made written plans for the future? What would it take for you to get a written plan in place by the end of this month? Would that be something of value to you and your family? Now, if you are 1 of the 3 people out of 10 who DO have a written plan, when was the last time you checked it for accuracy? Is it time for a tune-up? Do your loved-ones know where your written documents are located? Does your written plan address and include your online passwords, social networks and internet properties? What exactly is a Will? A Will or Last Will & Testament is a legal document usually requiring the signatures of witnesses and outlines the final distribution of your property and possessions, designating your wishes for who takes responsibility for your minor children and/or disabled dependents on the event of your passing, as well as other issues you desire to address.
What a Will is Not - a Will does not provide health care directives or instructions for incapacity or life support situations.
A Will does does not share your stories, family or business histories or tell why things are being done in a particular fashion.
Should everyone have a Will? Not necessarily.
A Will is an often used tool, but there are a few things to consider when choosing if a Will is right for your situation.
A Will requires a process called Probate, which takes place in a Court and all the documents are public records.
In the Probate process all your estate must be accounted for in front of a judge and that judge will have final say over all decisions.
As you may recall was the case with Michael Jackson's death, Jackson's mother had to go to Court and ask permission to spend money, make normally routine transactions and ultimately we all got to read and see what MJ did with his earthly wealth.
Is a Will and Probate the only option? Not at all, today there are many ways that you can execute your plans, one of the most popular and well-known after the Will is the Revocable Living Trust or Living Trust for short.
The Living Trust has its own distinguishing attributes including that it does not require Probate to transfer your property and it is intended to keep your instructions private and shielded from the public record.
Before jumping into the deep-end of the Living Trust 'pool' you should understand an essential element of the trust's mechanics; all your property governed by the trust that has a title must be transferred and re-titled to the Living Trust and no longer be held in your name.
The title to the property MUST be held by the trust and not in your name personally.
There a numerous types of trust available to use for your planning, each with unique attributes and uses; a seasoned adviser can answer your questions and help you determine if a Will or a trust, and what type of trust is right for you.
After people complete setting up their estate planning documents, some begin to ask questions.
What about my stories and our family history, do they go in a Will or a trust? Both a Will and a Living Trust are legal documents, and as such, are only intended to handle the disposition of your tangible possessions.
However, if you engage the services of a Legacy Specialist such as myself, we also provide tools and resources that allow for the orderly accumulation and preservation of what may be your most valuable assets - your thoughts, processes and opinions.
Your interesting point of view is currently 1 in 7 billion and that makes yours priceless and invaluable if you choose to organize, preserve and share it.
Your life has a story and that story is a part of your legacy.
Every life is a legacy.
Who needs a written plan? Almost everyone can benefit from having a written Legacy & Estate Plan.
If you own things or have minor children something must happen when you transition or become incapacitated for any reason, there is no way to avoid this absolute of life.
Will you chose to take control and responsibility today? Is it very important for you or your family? Have a question, just ask.
So seriously, do you have an up-to-date written plan?
Perhaps they desire that no one in their family get a dime; and want to leave it all to charity? Whatever the motivation for you, reports state that only 30% of Americans have taken the time to put their wishes down in writing.
That is only 3 out of 10 people.
Are you 1 of the 7 people who have not made written plans for the future? What would it take for you to get a written plan in place by the end of this month? Would that be something of value to you and your family? Now, if you are 1 of the 3 people out of 10 who DO have a written plan, when was the last time you checked it for accuracy? Is it time for a tune-up? Do your loved-ones know where your written documents are located? Does your written plan address and include your online passwords, social networks and internet properties? What exactly is a Will? A Will or Last Will & Testament is a legal document usually requiring the signatures of witnesses and outlines the final distribution of your property and possessions, designating your wishes for who takes responsibility for your minor children and/or disabled dependents on the event of your passing, as well as other issues you desire to address.
What a Will is Not - a Will does not provide health care directives or instructions for incapacity or life support situations.
A Will does does not share your stories, family or business histories or tell why things are being done in a particular fashion.
Should everyone have a Will? Not necessarily.
A Will is an often used tool, but there are a few things to consider when choosing if a Will is right for your situation.
A Will requires a process called Probate, which takes place in a Court and all the documents are public records.
In the Probate process all your estate must be accounted for in front of a judge and that judge will have final say over all decisions.
As you may recall was the case with Michael Jackson's death, Jackson's mother had to go to Court and ask permission to spend money, make normally routine transactions and ultimately we all got to read and see what MJ did with his earthly wealth.
Is a Will and Probate the only option? Not at all, today there are many ways that you can execute your plans, one of the most popular and well-known after the Will is the Revocable Living Trust or Living Trust for short.
The Living Trust has its own distinguishing attributes including that it does not require Probate to transfer your property and it is intended to keep your instructions private and shielded from the public record.
Before jumping into the deep-end of the Living Trust 'pool' you should understand an essential element of the trust's mechanics; all your property governed by the trust that has a title must be transferred and re-titled to the Living Trust and no longer be held in your name.
The title to the property MUST be held by the trust and not in your name personally.
There a numerous types of trust available to use for your planning, each with unique attributes and uses; a seasoned adviser can answer your questions and help you determine if a Will or a trust, and what type of trust is right for you.
After people complete setting up their estate planning documents, some begin to ask questions.
What about my stories and our family history, do they go in a Will or a trust? Both a Will and a Living Trust are legal documents, and as such, are only intended to handle the disposition of your tangible possessions.
However, if you engage the services of a Legacy Specialist such as myself, we also provide tools and resources that allow for the orderly accumulation and preservation of what may be your most valuable assets - your thoughts, processes and opinions.
Your interesting point of view is currently 1 in 7 billion and that makes yours priceless and invaluable if you choose to organize, preserve and share it.
Your life has a story and that story is a part of your legacy.
Every life is a legacy.
Who needs a written plan? Almost everyone can benefit from having a written Legacy & Estate Plan.
If you own things or have minor children something must happen when you transition or become incapacitated for any reason, there is no way to avoid this absolute of life.
Will you chose to take control and responsibility today? Is it very important for you or your family? Have a question, just ask.
So seriously, do you have an up-to-date written plan?