The Importance of
Estate Planning
How will your assets be handled after you pass?
Many of us do not have any desire to discuss plans for our assets after we transition. It can be a very uncomfortable topic, one that can cause emotional distress. However, we must remember that it is a necessary discussion that we all should have with our loved ones to ensure that your estate is handled with care and in the way that you see fit.
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Estate planning in preparation for a person’s passing involves determining the management and distribution of assets such as a property, cars, bank accounts, investments, personal belongings, etc. Without estate planning, your family may have to go to probate court to have a judge determine how your assets will be distributed. Probate court can be a very long and arduous process.
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One of the best things that you can do is create a will and put your assets in a trust.
If you only have a will, your family may still have to go to probate court. You may have secured debt (car note, mortgage, etc.) and unsecured debt such as credit cards. In probate, your secured debt will be distributed from your assets first and if there is anything left over then your unsecured debt will be considered. If your family must go to probate court, then any debtor can file a claim against the estate.
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Probate can put families in distress. The grieving process can be difficult and dealing with the tasks associated with taking care of a loved one’s debts once they transition is an inevitable part of the process for some so you want to make it as less stressful as possible. Take care of your affairs today so that your family members can grieve without the worry of how to handle things when that time comes. If you need assistance with further understanding the estate planning process visit continuedpath.com.