It’s always the right time to do your estate planning, but it’s most critical when you have beneficiaries who are minors or with special needs, says the Capital Press in the recent article, “Ag Finance: Why you need to do estate planning.”
While it’s likely that most adult children can handle estate matters, even though it may be costly and time-consuming in probate, minor children should have protections in place. Wills are often written so that the estate assets are distributed to a child when they reach the age of 18. However, often teens are unable to properly manage property. A trust can assist in resolving this by directing that the property will be held for the child in a trust until a future age.
The probate process occurs when a will or other documents are presented in court and an executor is appointed to manage the estate. This allows creditors the opportunity to present claims. Distribution of assets will occur only after all proper notices have been issued and all outstanding bills have been paid.
Probate is often expensive. However, comprehensive estate planning can assist families to ensure the transition of wealth and property in a smooth manner. By implementing trust strategies, probate can be avoided allowing more of your wealth to be preserved for your heirs. Living trusts also assist families with future uncertainties such as incapacity, illness or mental health issues.
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Reference: Capital Press (Dehttps://ims-blueprint2.flywheelsites.com/book-a-call/cember 20, 2018) “Ag Finance: Why you need to do estate planning”