Jon “Bones” Jones & Alexander “The Mauler” Gustafsson go head-to-head this upcoming Saturday, where Jones will attempt to take the UFC record for consecutive lightweight title defenses. Gustafsson, however, has won six straight fights, and is on a role. In this history-making matchup, who will succumb to defeat? Jones is known for his double-leg takedown, while Gustafsson has stopped 84% of the takedown attempts he’s faced.
Each fight plan is incorporated as a means of constructing a distinct strategic advantage, & the same is true for wealth management and asset protection plans. While a Last Will & Testament is an essential component of any winning fight plan, it is often necessary to tackle your goals with the incorporation of a Living Trust. Look to the following fight plans to determine which supplies the best hooks & double-leg’s for your asset protection goals.
Will & Last Testament Fight plan: Control of Your Assets
A Will is crucial in any estate plan. This is the document that will be used to determine your intent regarding the distribution of your property. Thus, without it, all of your assets will be distributed according to State statute, which may be a departure from your own personal wishes. Furthermore, if you have any minor children, you can designate a legal guardian, thereby communicating your wishes to the court when the time comes for a guardian to be appointed. As you can see, this is the foundation of your game plan.
Will Coupled with Trust Fight Plan: Control & Protection of Your Assets
This fight plan combines your testamentary wishes with further protection by having the Will pour-over into a Trust. The will coupled with a trust effectively bypasses probate, which is the validation of the will — a process that is often incredibly time consuming and often expensive. The pour-over will takes all of the property that passes through the will, and funnels it into the trust. Said property is then distributed to the trust beneficiaries pursuant to the terms of the trust. A pour-over will functions to ensure that all of the decedent’s property is transferred to trust. Think of the pour-over will as a safety net that catches all of the assets that were not properly transferred into trust. All the contents of the net are then poured into the trust, ensuring that all of the property is ultimately distributed through the living trust. Furthermore, all of the decedent’s property is distributed by the terms of one document alone (the trust), allowing for simplicity and clarity.
You need a Last Will & Testament in every takedown; however, combining it with a Living Trust may be one of your most important strategic advantages! For more information on successful Florida estate planning and asset protection techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 to schedule your free consultation.
It’s a Wild world. Are you protected?