Estate planning is an integral component of financial planning, but according to LegalZoom, 60% of adults in the U.S. have not made any effort to start a will. Dying without an enforceable estate plan leaves your assets to the state government for distribution. Preparing a will or trust while young gives you more preparedness over how your assets will be handled upon your death or incapacity.
Wills and Trusts
Wills and trusts concern how your assets will be handled after your death or incapacity. Wills outline your wishes to a probate judge, and trusts are arrangements that may help your family skip the probate court. Determining whether to have one, the other, or both affect the process of distribution, the expenses your loved ones owe, and minor details. For example, a will can name guardians for minor children, but a trust cannot. Each option also has tax planning considerations.
Finding an Estate Attorney
A common reason for not planning one’s estate is the upfront cost. However, dying without a plan leaves behind a lengthy, expensive process for loved ones, and you may not agree with how the state distributes your money and property. Therefore, to make a will or trust that confidently complies with your goals and local laws, it is best to navigate this process with a professional estate attorney.
Plan While Young
AARP reported in 2017 that a staggering 78% of those aged 18-36 do not have a will, citing the most common reasons as a perceived lack of sufficient assets and never “getting around to it.” Taking a proactive approach to estate planning safeguards your loved ones and secures your peace of mind.
Getting a Head Start
Take charge of the distribution of your assets while young. Contact an estate attorney for legal advice. For those interested in starting an investment account for a trust, contact the financial advisors at First State at (918) 492-1361.
This overview is for informational purposes only and is not a recommendation. It should not be the sole deciding factor in making an investment. Investing is a risk and, as with all risks, a positive return is not guaranteed. Past performance does not indicate future results.