Most postpone the preparation of their place of residence until they reach an age when they realize that death is not that far off. Big mistake. The rationale might be, "I'm young, I don't have to worry about it now" or "My property isn't big enough," or in many cases, they probably never go through your mind.
There are no guarantees in life. Every day we read or listen to stories of someone dying young. Even if you enjoy the best health, accidents can occur.
What are the consequences of not having a wealth plan?
First, if you are young and have a very small inheritance, you probably have children who have not yet grown. Who will take care of them? Who will manage your living and pay for your children's education? Who is responsible for their religious formation and who will encourage them to attend college?
If you do not have a estate plan, a judge will decide all these issues. A judge chooses their children's guardian (manages their inheritance) and selects their people's guardian (breeds them). A judge may well choose one that does not match your wishes. You can even appoint a lawyer, bank or professional administrator to manage the estate. These people have to be paid and they are not cheap. Your parents or your spouse's parents can have a strong influence on a court. Sponsors are not automatic choices. The personal guardian he appoints may not share his faith or religion. The whole process will be in court, it will also be very expensive and can take years.
Even if you have a very small property, this is an important reason to have a property plan. Do not pass these decisions on to others.
Secondly, if you have your own business, it is necessary to have a wealth plan. Without a wealth plan, you can't say what happens to your business, who gets it and all the other decisions that need to be made when you are no longer there. In addition, without a living trust, all aspects of your business, including financing, will be made public and accessible to your competitors.
Third, depending on your state of residence, without an estate plan, the heir will grant your estate in accordance with the distribution laws of your state. Usually, this is a part for your spouse and the rest for your children in equal parts. Is that your wish? Or do you prefer to give your spouse everything while he or she is alive? If you do not leave instructions, you have no voice in the distribution.
Finally, without a succession plan, you cannot avoid inheritance. Subsequent nightmares should be avoided if possible. Experience is the legal process for distributing all property, except for very small properties and those with living trusts. It is long, public, expensive and often devastating for families. For more information, see the information on our website. It's really scary for more visit this website http://probatecollincounty.com
2. Mistake 2 attempts to transfer assets to the heirs through joint use of the property. Co-ownership is as bad or worse than not having any estate plans.
Joint tenure is often used to transfer the family home. If you place your home in a joint lease with others, your home becomes vulnerable to that person's problems. If your joint tenant files bankruptcy, your property will be one of your assets. You may lose your home. If they do get divorced, your home will get involved. If they have a car accident without adequate insurance, their home could be taken to file a lawsuit.
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