It varies. The simplest estate planning document is a will, but not everyone should use one. A simple will may not be an effective estate plan for you, and you may need to establish trust agreements to handle your assets, depending on your personal, family, and financial circumstances. In fact, if a basic will wasn’t drafted with adequate legal guidance, it can cause more harm than good.

(1)  It enables you to determine how your assets are distributed, as opposed to the default distributions rules outlined in your state’s probate law.

(2) It prevents family disputes over your estate.

(3) It enables your heirs to receive the assets more quickly than they would if they went through the probate courts.

(4) It can enable you to avoid probate court entirely, as well as the associated costs and attorney fees.

(5) It may help you protect your assets from your or your beneficiaries’ creditors;

(6) It may assist you to avoid estate taxes (for higher-value assets); and

(7) It may help your heirs from paying taxes on their inheritance.

Subscribe to our Newsletter

Share this post with your friends

Leave a Reply

Your email address will not be published. Required fields are marked *