Consider a lavish funeral. It’s right in front of your eyes, and the room is full. The casket has a lovely mahogany frame with silk lining and gold handles. This estate will undoubtedly be worth millions, if not billions, of dollars to whoever inherits it. Learn more about Chapel Hill Asset Protection Attorney.
Imagine the family after the funeral has ended. Instead of cuddling and grieving with their loved ones, they are at odds with one other. The room is filled with rage, and everyone is striving to speak louder than the others. It’s chaotic to say the least. And why is the family so dysfunctional? They just found out that the deceased man died without ever making a will. This means they’ll have to settle his estate in court with a slew of money-hungry lawyers in sharp suits who all want a “fair portion” of his fortune.
Death is traumatic for any family, but it is made 100 times more terrible if the loved one did not leave a will or any form of trust. Greed causes something unpleasant to arise in a person, and the infighting will become deadly if there is no clear direction for money and property distribution. How can you keep this from happening in your own family? That’s all there is to it. You need to plan for the future.
Begin with a strong desire. A will is the bare minimum you’ll need to safeguard your assets. In the event that you slip off this mortal coil, a will stipulates who will receive what. You can stipulate that anything you own be handed to anyone, and the will must be followed if it is within the court’s power to do so. Failure to make a will, on the other hand, leads in the state figuring it out for itself. While this may not seem like a big deal in some circumstances, it might be a lot worse than you realise.
For example, no one cares who gets your old CD collection, but you may have a plan in mind for how you want your life savings to be spent when you pass away. Also, if you want your children to be raised by a specific person, you must specify this in your will. Otherwise, because verbal wishes cannot be enforced in court, those children will be given to whomever the state selects.
Making a living trust is the next, and possibly most crucial, step. A living trust is a document that manages your assets while you are still alive. After you die, the trust stipulates who will manage and distribute your assets. While a will is a legal document that must be filed with the courts, a trust allows you to sidestep the courts entirely. This means that the partition of your assets will not be made public for everybody to view. Your personal life is kept secret when you have a trust.