Estate Planning Basics

What is an Estate?

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To put it simply our estates are everything we own. Another way to say this is “it’s everything we can’t take with us when we pass”.

The problem is most states demand that these wishes be in writing. Most people will accomplish this utilizing 1 of 3 methods:

1. Some People do Nothing

When this occurs the court will provide documents so that the estate can be settled. However, if the court does this it can be much more difficult for the family.

2. Some People use a Will 

If this method is chosen the wishes are laid out in writing. The challenge is, whether people write their wills themselves or have an attorney write the will, most wills end up in probate court. This is the judicial application for the distribution of an estate.

It can be a long process, it can be a costly process and it can be a frustrating process.

3. Some People use a Revocable Living Trust

This is a legal entity people form while they’re alive and healthy. They can now title their assets into the trust. During their lifetime they conduct their affairs like normal, however when they die their assets are distributed to the heirs without the need for probate.

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Who needs an Estate Plan?

  • Anyone who might become incapacitated.
  • Anyone who wants to simplify things for their heirs.
  • Anyone who wants to avoid court-created guardianship.
  • Anyone who wants to leave a gift for a church or ministry.
  • Anyone who will pass away… YOU!

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Got a burning question? Give us a call: 1.888.889.6326

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