Elder Law and Estate Planning Tips Where theres No Will If you do not write a Will, the State has already written one for you. Your assets go to whoever a state law says receives the assets, or to the government itself! A Will should be a statement to the things you truly care about: your spouse, your children, your parents, your friends, your Church and charities.
It is important to do secession planning. Also, if you have partners in your business, a signed partnership agreement is valuable. Make sure you also have a Power of Attorney signed to plan for temporary disability. If your business is the primary support of family, how will your business continue to operate? How can your business be sold? Its time for a call to action.
If You Have No Will:
If you leave no Will or your Will is declared invalid because it was improperly prepared or is not admissible to probate:
1. People you dislike or people who dislike and ignore you may get your assets.
2. State law determines who gets assets, not you
3. Additional expenses will be incurred and extra work will be required to qualify an administrator-Surety Bond, additional costs and legal fees
4. You lose the opportunity to try to reduce Estate Tax, State inheritance taxes and Federal estate taxes
5. A Judge determines who gets custody of children. A greedy brother or crazy mother in law could ask the court for custody.
6. If you have no spouse or close relatives the State may take your property
7. The procedure to distribute assets becomes more complicated
8. It probably will cause fights and lawsuits within your family
9. If no partnership agreement or procedure to transfer client files your business good will could be lost.
When loved ones are grieving and dealing with death, they shouldnt be overwhelmed with Financial concerns.
Think- Who dont you want to receive your assets? Without a Will, they could receive your assets and request custody of children.
Who is not the best choice to raise your children, or safeguard your children's money for college? Do you want children, or grandchildren, to get money when they turn 18? Will they invest money wisely, or go to Seaside and play games?
Business assets
It is important to prepare a Will which sets forth distribution of a valuable property such as the good will of your business, the phone number of your business and equipment you own.
A Will must not only be prepared within the legal requirements of the state Statutes but should also be prepared so it leaves no questions regarding your intentions.
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