Wills, Trusts & Estates, Oh My!
“By failing to prepare, you are preparing to fail.
~Benjamin Franklin
Benjamin Franklin must be considered one of the wisest of sages in American history for his endless ability to have the appropriate thought on any topic. Today I would like to touch base on a topic that some may find confusing, fearful, or beyond understanding…I would like to talk briefly about what happens to your life’s wishes and work after you’ve gone. Estate planning is a confusing bit of life that has an impact on all of us whether we realize it or not and I hope to shed a little bit of light as to the importance of talking with a qualified person to help put your mind at ease.
Many people fail to have any estate planning in place because they feel they have no “estate” to plan with. The word estate brings images to mind of a grand home setting atop a hill with a sweeping view out towards the ocean…or mountains…or city skyline…you pick the vista. The reality is that if you have any type of asset at all, you have an estate and you need to plan what you want done with that asset after you have passed. Most planning of estates (property, money, assets, etc…) are handled in the form of a will, a document that spells out the wishes of the person whose estate is being discussed. If I want to make sure my kids get my house, I put it in my will that they each get a third share of the house or whatever asset I wish to pass onto them. After I pass on, the Probate Court will get involved and they will see to it that my will is followed and that the assets are doled out in accordance to the will after taxes and other fees are paid out. If you don’t have a will that stipulates your final wishes, a judge from the Probate Court will get to decide where your assets will go even if on your deathbed you say you want everything to go to the local Red Cross…the judge will have the final say.
If you want to avoid Probate Court all together, there are different planning paths to take to avoid court and other expenses by creating certain types of trusts like a revocable trust. Of all the articles I have read in preparing today’s blog, the one constant recommendation from all the experts is to find a solid and reputable estate attorney. It doesn’t help to plan for after you’re gone if you’ve left the planning of your estate up to someone who isn’t up to scratch on the all the intricate details and understanding of the law. You have worked too hard to have your labors get tied up in court and fail to help the ones you love and intend to help. The other consistent piece of advice that the experts gave was to update the estate plan after major life events (births, deaths, marriages or divorce) and as time goes on (every four to five years) in order to review the plan to make sure everything is still as you would like it to be. Planning for end of life events can be an uncomfortable thing but it can also add peace to the lives of those who know that loved ones will not have to fight through courts or red tape in a time of grief and sadness.
As always, thanks for reading and I encourage you to share this article with friends and family…strike up the conversation and come up with a plan (or a better one). I hope everyone has a good week, take care of yourself and each other, remember, we’re all in this together.
Wm Reid
Best Home Care Services
325 N Eastern Ave
Connersville, IN 47331
765-827-9833
wmreid@bhcshealth.com