Why you should talk to your Parents about end of life Planning
They are contributing to retirement accounts and setting up life insurance policies. Additionally, they are creating family trusts for asset protection and the passing of wealth. Unfortunately, your parents might not be as concerned with the legalities of preserving and bestowing wealth. As a result, they may have no estate plan in place. This puts any wealth and assets they've managed to amass during their lifetime at risk. Perhaps your parents seem to have no real intention of engaging in estate planning. In that case, it's time to talk to them about the benefits of doing so. It's for their benefit and for surviving heirs.
Benefits of a Will
Both wills and trusts are valuable in the estate planning process. A will is subject to probate and not suitable for asset protection or passing wealth. Conversely, it is useful for passing along items of sentimental (but not monetary) value. It also can create a power of attorney. Additionally, it makes wishes for end of life known.
Protect the Spouse you leave Behind
Estate planning and specifically the creation of trusts can help to ensure that the spouse left behind is cared for. This is especially important in cases where parents own a business or if one parent has special needs. Neither of your parents wants the other to come under attack from outside claimants. This includes business creditors. They may become ineligible for public benefits because of an oversight that is easily corrected. In other words, end of life planning is essential to ensuring either parent is protected when the other is gone.
Ensure Wealth and Assets go to Children
On the one hand, you don't want to be pushy about securing your own inheritance. On the other hand, you know your parents don't want the estate they've built to get eaten up in probate. Nor do they desire or to come under attack by outside claims. At the very least, a simple family home trust ensures that the home you grew up in will stay in the family. Additionally, other family trusts can help. They will protect and pass the wealth and assets that your parents have worked so hard for.
This is a really important. Trusts are not subject to the probate process. This allows for several benefits. For one thing, there are no probate costs associated with passing along wealth and assets. Additionally, inheritance passed through trust is not made part of public record. That, in turn, potentially decreases the risk that others will come after it. Of course, the procedure of passing assets held in trust to beneficiaries is also much quicker. It is easier than going through the probate process. Thus, grieving family members won't have to wait for titles to homes or money held in trust.
So why not learn more and register with TrustUs today.
After all, it's in your hands.