Every family should discuss estate planning matters thoroughly.
Whether you are young or old, you need an estate plan.
If you are older and have no plan, do not delay and longer.
Perhaps it is your parents who do not have a will.
How do you express the importance of estate planning to your family members?
According to an article in NJ 101.5 titled “Talking to your parents about a will,” you should start with education.
Not having a will has consequences.
What are examples of these consequences?
No will means the individual has no right to pick the person who administers and manages the estate.
Having a court-appointed executor is more costly.
One reason is this individual is required to be bonded if appointed by the court, costing several hundred or several thousand dollars.
Are you or your parents private people?
A simple will may not be the best option for you.
Although specific asset information is not usually included, a will is public record.
Does the thought of having your financial information public for anyone to see upset you?
If so, talk about including a funded revocable trust in your estate plan.
Such trusts are private.
Any assets placed in the trust will be controlled by the trust when you or your loved one dies.
For more information on probate, you can get information on the website for your county.
Discuss these issues and how they relate to you and your parents assets before it is too late.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: NJ 101.5 (November 1, 2016) “Talking to your parents about a will”