Welcome to the month of February! Every year, some of the top personal New Year’s resolutions that folks come up with consist of getting in shape, getting organized, and spending more time with family. 2016 is well under way, so how are you all doing on your New Year’s resolutions?
We here at Family Wealth Law Group, PC are particularly interested spending more time with family, which may take many shapes and forms. From getting outside and enjoying the crisp winter air, to staying inside and snuggling around a warm crackling fire, the key ingredient is to simply be around your family.
Let us help you add another key ingredient to the mix: peace of mind. That is, peace of mind that you have come up with a plan to help guide your family in the future. Here are three reasons why estate planning should be one of your top New Year’s resolutions:
In creating an estate plan, you are leaving instructions for your family members that detail exactly how they should handle certain events that may occur in the future. For example, when a family member passes away, this is often one of the most distressing events that could occur in a family. You can make it easier for your family by providing them with guidelines to help them navigate how exactly your estate should be handled. This will help to make the situation less stressful, and may help provide some level of clarity in an otherwise chaotic time.
A living trust holds the benefit of being a contract that is separate and apart from the public Probate Court system. That means that once you have passed away, your family does not need to answer to the Probate Court in order to handle your estate. The details of your trust will be dealt with by your Trustee(s), thereby allowing your family to avoid having to go through the invasive process of administering your estate in the public Probate Court system.
- Cost and Efficiency
The administration of a living trust is much less costly and must more efficient than probating an estate. An estate that must go through the Probate Court system will usually take, at a minimum, nine months; the attorney’s fees are determined based on the size of the decedent’s estate, and there are numerous fees such as filing fees and publication fees. A living trust, on the other hand, may be administered in as little as five months with none of the court-required fees.
If you or someone you know is interested in learning more about how to take advantage of the benefits of an estate plan, give us a call at Family Wealth Law Group, PC. We look forward to helping you achieve a New Year’s resolution while at the same time providing you with peace of mind.