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See also...
SFC Radio
SFC Books
SFC In The News
SFC Videos
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Living Trusts
Will you be a victim of your will?
- A will does not avoid probate! A will guarantees that your estate will go through Probate because a court must approve your directions as to how your estate should be distributed.
- If the value of your gross assets exceed your State's Probate limit, and that is as low as $10,000 in some states, then it will be subjected to Probate, unnecessary fees and lengthy delays.
- Your Will provides no protections from incapacity or incompetency. Any relative may petition the Court to be appointed as your Guardian or Conservator. Because you are not able to say whom you want, the Court will appoint someone. Remember that a court appointed conservator has total control over everything you own!
- A will may only be valid in the state where it was prepared and signed. If you move to another state it may not be valid. If you have assets in more than one state, you will also have a Probate proceeding in each of those states.
- All documents in Probate proceedings are Public Records, thus assuring that anyone may know your private affairs.
You should consider an estate plan if:
- You do not want to go through Probate.
- You want to limit or avoid Federal Estate Taxes. (These taxes begin at 37% and quickly rise to a horrendous 48%.
- Your Right to Privacy is important to you.
- You own Life Insurance.
- You own a business.
- Your estate is appreciating or growing.
- You want to control your assets now and after your death.
- You have minor or adult children, or there are children from a previous marriage.
- You have a disabled child, or a child's spending habits concern you.
- You want to speed the distribution of your assets to your heirs' by months or years and you want it to be "Hassle-free".
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