It’s that time of year: graduation season. Four years of hard work have finally paid off. This is the time that seniors have anxiously awaited for, and dreaded, to come. It is time for seniors to grab their cap and gowns and wave goodbye to all the crazy parties, all-nighters at the library and three am pizza runs.Although this is such a big transition for students, this is also a big change for parents who’s student loans may be kicking in or may have a student moving back home in order to figure our his or her next steps.
Whatever your situation may be, it may be a good time to take a second look at your estate plan to make sure everything is in order. A properly executed estate plan will allow you to control what happens to your assets in case anything were to happen. By executing some necessary documents, you can remain assured that everything you worked so hard for is left in the right hands. Some important documents to consider are:
Revocable living trust: this trust will act as a roadmap for your loved ones, in case you were to fall ill or pass away. These trusts will help your loved ones avoid probate, which can save them money from getting to avoid going to court and fighting over what was left.
Pour over will: upon your death, this will leaves any property not transferred to your trust before your death to your trust. This trust functions as a safety net to insure that your trustees as ultimately manage property owned in your individual name rather than in the name of your trust provided in your revocable living trust.
Irrevocable trust: this trust may not be changed or revoked when made. The purpose of this trust is to produce certain tax or asset protection results.
Last will and testament: this trust communicates a person’s final wishes in regards to possessions and dependents. This trust instructs the court what to do with all assets in case anything was to happen. However, unlike in the revocable living trust, your loved ones still have to go through probate proceedings, which can be costly.
Durable power of attorney: in case you are not able to handle specific health, legal and financial responsibilities yourself, nominate someone, like a trusted friend or relative to handle it.
Living will: gives you some control, in case you are to become ill. This document allows you to express your wishes to doctors in case you become incapacitated.
For more information on Estate Planning, Asset Protection, and Probate administration visit our website at www.wfplaw.com
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