However, there are some very distinct differences between a revocable living trust and a will.Ī revocable living trust serves as an estate planning document that gives you much more control compared to a will. Revocable Living TrustĪ revocable living trust functions similar to a will in many aspects, as it distributes your assets to your beneficiaries following your death. Speaking of revocable living trusts, look what’s next up on our list of estate planning documents that everyone should have. You should still have a will, but it’s supposed to be there as a backstop if something wasn’t in the estate or if accounts weren’t titled properly.” – Bud Kasper, CFP®, AIF® Going through probate is something that you don’t want to have happen. They’ll go directly to your beneficiaries as long as you transfer the asset’s title to the trust. The bottom line with probate, though, is that it can be avoided if your assets are placed in a revocable living trust. That being said, it can be even more costly and time consuming if you don’t have a will. In other words, you need to pay an attorney and a judge in the state that you live in a fee for somebody to read your will and say, ‘Yep, that’s what you wanted.'” – Dean Barber The process of your assets going through probate court can be very expensive and time consuming. One of the biggest issues with only having a will is that you won’t give you the ability to avoid probate. A will also gives you the ability to select an executor to manage your estate and serve as guardians to your minor children and/or pets. Your beneficiaries can include family members, best friends, or charities that you’re passionate about. The people or organizations that you name in your will to receive your assets are your beneficiaries. Intangible assets don’t have psychical form, so those can include intellectual property, brand recognition, and goodwill. Examples of your tangible assets can include your house, land, and personal items. With a will, you decide who you want to distribute your tangible and intangible assets to after you die. The first estate planning document that you need to have is a will. Schedule a Meeting Get the Retirement Plan Checklist All that can be avoided, and you can have a smooth transition from one to from one individual to another if you get your estate plan done.” – Dean Barber “The last thing you want to do is have knee jerk reactions or have family fighting with each other. Dean Barber and Bud Kasper, CFP®, AIF® are going to help explain the differences between a will and a trust and give an overview of the five estate planning documents that everyone needs. 1 and 2, respectively! While a will is at the top of our list of estate planning documents, it might not be enough for your personal situation. One of the most frequently asked questions that our advisors receive is, “ Do I need a will, a trust, or both?” Well, look at our list of estate planning documents. Advance Healthcare Directive: Living Will and Medical Power of Attorney.Please take a moment to review these five estate planning documents that everyone needs to have. It’s our goal at Modern Wealth Management to help people keep estate planning top of mind year-round. It takes place the third week of October and its purpose is to educate Americans about the importance of estate planning. In 2008, the National Association of Estate Planners & Councils created National Estate Planning Awareness Week. It’s National Estate Planning Awareness Week 5 Minutes to Read | 24 Minutes to Watch.Who Is Going to Make Your Medical and Financial Decisions If You’re Unable to?.Make Sure Your Beneficiaries Are Current.Key Differences Between a Will and a Trust.Help Us Celebrate National Estate Planning Awareness Week.Key Points – 5 Estate Planning Documents That Everyone Needs 5 Estate Planning Documents That Everyone Needs
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