‘Later’ is too late when it comes to preparing a will or living trust. We cannot stress enough how important it is to have the appropriate Estate Planning documents for your individual needs. There is no “one size fits all” formula. A simple Will is one thing, but there may be better options for you to consider!
For example, would you want anyone to be able to look up how much money you had and who you left it to after you died? Whitney Houston probably did not, but she failed to establish a living trust. As a result, instead of her last wishes being private, her will landed in probate court for all the world to see. With a couple of mouse clicks, we can all read about the last wishes of the woman who signed the largest recording contract in history.
A Living Trust is like a will in that it describes how you would like to disperse your property in the event of your death. To become effective, a court proceeding, known as probate, must acknowledge the will as valid. A Living Trust exists before your death, thus validity is not needed by a probate proceeding.
Factors that can make a Living Trust a good idea are:
- Owning real estate in another state;
- Facing impending disability;
- Heightened concerns over privacy;
- If you believe someone may contest your will.
A qualified Attorney should evaluate your situation and determine which Estate Planning documents are right for you. Tessmer Law Firm can do that for you! Call us today at 210-368-9708 or fill out our contact form to schedule a consultation.