Do you want to get started making an estate plan but you’re not sure what you need to include in it to protect your wealth and assets? A major part of getting your estate in order for your surviving family members is making sure you have a will and the right types of trusts that will allow your beneficiaries to inherit the property you leave behind for them.
Wills and trusts are essential if you want to make sure your wishes are carried out after you die. In addition to distributing your assets and property, wills and trusts can also be used to avoid some of the expenses associated with probate and estate taxes.
What Is the Difference Between a Will & a Trust?
A will is a written and signed document that states who will receive your property after your death. A trust is an arrangement where you enter into a legal agreement with a trustee who holds legal title to your property for the beneficiary until it is time for the property to be distributed. A will goes into effect after you pass away, while a trust takes effect once you establish it. With a trust, you can also distribute property and assets before you die.
Prince’s Estate Battle Continues
The death of Prince is a recent example of how complicated it can be to administer a person’s estate without a will. Although Prince has been dead for more than two years, his estate has yet to be settled. This is because the famous musician died without a will or estate plan. The estate is estimated to be worth $200 million but can’t be distributed and divided among Prince’s six surviving siblings until the IRS and the executor reach an agreement regarding the value at the time of the artist’s death. And while the siblings haven’t been paid, the lawyers and IRS have already collected a reported $5.9 million in fees and expenses.
If you want your loved ones to avoid a complicated legal battle after you die, you need to consult with our lawyers at Nichols Dixon PLLC today to get started drafting your will and creating the trusts you need to ensure your assets are distributed to your family when you die.
Call (405) 294-1511 today to schedule your case consultation with our legal team so we can explain all of your options under the law.