It is sometimes thought that estate planning is just something for the elderly—or, for the affluent.
Here’s the truth: If you would like to choose where your assets and properties go when you die, and to have a say in who raises your children should you die when they’re still minors, you need both a will and a trust. It is important to have both estate planning documents to ensure that your wishes are carried out, and that you avoid probate court.
Almost everyone needs estate planning—as we’ll seek to demonstrate in this post.
When is Estate Planning Needed?
You need estate planning if you’re married.
Chances are, you’ll want your spouse to inherit all of your assets after you die. This is what generally happens anyway, but you don’t want to leave that up to chance, nor to make your spouse go through a lengthy probate process to get things sorted out. A will and trust help with all of this.
You need estate planning if you have children.
Not only do you want to provide a financial legacy for your kids, but you also want to ensure they have the proper guardianship, assuming they are still minors. A will and trust help ensure that your wishes are carried out, without a convoluted probate process.
You need estate planning if you have a positive net worth.
Even if you are single and you don’t have kids, you may still have assets that will need to be divided up after your death—and a will and trust ensure that this happens smoothly, with minimal burden on your family and relatives.
Estate planning is something that almost everyone can benefit from; to learn more about establishing a will and trust, contact the team at Singh Law Firm today.