20 Second Advisor: Is your estate plan up to date?
Estate planning is not the most exciting financial topic to tackle, but it’s really important!
- If you plan right, you may be able to avoid probate (the lengthy court process to get assets where they need to go after you’re gone)
- You can make it easier on your spouse and kids
- You will have more peace of mind knowing this area is in good shape
Here are a few of the major decisions you’ll need to think through (we recommend that you use an estate attorney):
- Do you use a traditional Will or go with a Trust?
- What’s the best way to transfer real estate or business interests?
- How much are you leaving to your kids / family and when do they receive it?
- Would you like to give any to charity?
So, is your estate plan up to date? Let us know if you need help!
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