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Blog

Have You Thought About Your Estate Plan?

10/20/2017

22 Comments

 
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​Are you one of the one-third of Americans with a will? According to a 2015 survey from Rocket Lawyer, 64 percent of Americans haven’t taken the most basic and fundamental step in estate planning.1 A will provides guidance and instruction on which assets should flow to which heirs after your death.
 
Even if you have a will, though, you still could have gaps in your estate plan. Although a will is a valuable tool, it can’t do everything. You may have needs and goals that can’t be achieved with just a will. If so, you may want to consider a trust.
Many people assume that trusts are only for the ultrawealthy. However, a trust can benefit anyone who wishes to exercise control over their legacy and protect their heirs and loved ones. There are many different types of trusts to meet a broad range of needs, so it’s important to consult with an estate planning professional to determine which type is most appropriate for you.
 
Not sure what estate planning strategy is right for you? Below are a few objectives to keep in mind. If these sound familiar to you, it might be time to consider your estate planning options.

Control over your assets.
Perhaps the most important benefit of a trust is that it allows you to retain control over your assets even after you pass away. A will allows you to state who should receive your assets. However, you can’t use a will to direct when and how those assets are distributed. They’re simply transferred to the intended heir.
 
With a trust, you can specify when assets are distributed and how they are managed in the meantime. For example, you might state that grandchildren receive their inheritances when they reach a certain age or after they accomplish a major life goal. You might specify that assets be paid out annually rather than all at once.
 
You name a responsible friend or adviser as trustee, and that person has a legal obligation to carry out the trust’s instructions. That may give you confidence that your wishes will be met and your legacy will be put to good use.

Protection for heirs.
It’s possible that you may not trust some of your heirs with a sizable windfall. Perhaps some of your heirs are minor children. Obviously, they don’t have the maturity, mindset or legal ability to manage a substantial amount of money. A trust could be used to manage the funds on their behalf until they reach legal age.
 
You may also have adult heirs who face certain challenges. Perhaps they are handicapped and are unable to manage their own financial affairs. Maybe you have a child who’s a spendthrift or who has faced substance abuse issues. In those instances, you may feel more comfortable setting up a trust that slowly distributes assets rather than leaving them a sizable lump sum.

Probate avoidance.
Even if you have a will, your estate will still have to go through a process called probate. This is the legal process for settling an estate. During this time, the court and your executor settle outstanding debts, file tax returns, liquidate assets, notify heirs and more. The process can be time-consuming, and it can generate substantial administrative and legal costs.
 
Assets that are held in a trust avoid the probate process. Instead of going through probate, those assets are simply distributed to heirs according to the terms of the trust. You can use a trust to get assets into your beneficiaries’ hands faster and with reduced legal expense.
 
Ready to explore estate planning as part of an overall retirement income plan? Let’s talk about it. Contact us today at Coventry Financial Group. We can help you analyze your needs and develop a strategy. Let’s connect soon and start the conversation.

 
1https://www.usatoday.com/story/money/personalfinance/2015/07/11/estate-plan-will/71270548/
 
Licensed Insurance Professional. This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation. By providing your information, you give consent to be contacted about the possible sale of an insurance or annuity product. This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.
16995 - 2017/9/25

22 Comments
Fay link
3/20/2020 10:39:06 am

It was very interesting that you pointed out that if you have a trust, you can make sure that you say specifically when the assets should be distributed and how they should be managed during right before. I have a sister who is looking to find more information about estate planning, because one of the people she works with has asked her to do it for them since they are older and they do not use online resources too much. She asked me to keep my eye out on any articles that could help her, so I will make sure that she reads that you can set up a trust that distributes the assets slowly to make things more organized, so she can tell her coworker.

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Thomas Clarence link
4/14/2020 03:37:08 pm

Thank you for helping me to understand that a trust allows people to control their assets even after they pass away. I would imagine that it would be important to work with an attorney when creating a trust. An attorney would know what local laws and regulations to follow when helping you create one.

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Fred Gibbons link
6/3/2020 10:19:23 am

It's awesome that you mention that an estate planning lawyer can help you make sure that your assets are distributed correctly after you die. I want to make sure my family is taken care of in the event of my death, so I'm considering hiring an estate planning lawyer. I'm going to look for a reputable estate planning lawyer in my area to hire.

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Hazel Owens link
6/29/2020 12:19:24 pm

Unfortunately, I am not part of the one-third of Americans with a will. You make some great points about the importance of an estate plan. It's interesting to know that even if I did have a will, my estate would still have to go through probate which is time-consuming and can increase administrative and legal costs. If something were to happen to me, I do not want my family to go through all of this. I will look for an estate planning attorney to draft out my estate plan just to be safe.

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Adam Golightly link
7/29/2020 03:41:36 pm

My dad has been having a really hard time with his estate and he just inherited some from my grandfather and doesn't know what to do with it. He would really like to get some help from a professional so that it can be liquidated and he wants to make sure that it can be a lot safer. getting a professional to help him so it professional could be really useful ane be more careful.

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Kyle Steller link
8/6/2020 09:37:19 pm

Knowing the basic fundamental steps and objectives of estate planning. This was informative. Thank you for sharing

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Alec Burns link
8/10/2020 11:01:21 am

It's cool that you elaborate on how having an estate plan can help make sure that your heirs get as much of your wealth as possible after your death. I want to make sure that most of my money goes to my kids, so I'm considering hiring an estate planning attorney. I'm going to search in my area for a good estate planning lawyer to use.

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Paul Rich link
8/25/2020 04:00:12 am

Thanks for sharing. This is really really great.

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rachel frampton link
8/26/2020 12:08:51 am

As we all know accidents are inevitable, which is why I'm thinking of hiring an estate planning attorney who will help me disseminate my properties to my family members, just in case something happens to me. I agree with you that a trust fund may also protect my child financially. You're right that through estate planning, it will be easier t liquidate the assets.

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Jonathan Hansen link
8/28/2020 12:36:17 pm

It's valuable that you point out that having an estate plan can help make sure that your assets go to the correct people after your death. I want to make sure that my family is taken care of in case I die unexpectedly, so I'm considering hiring an estate planning attorney. I'm going to search in my area for a good estate planning attorney that I can use.

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kate hansen link
9/1/2020 02:42:37 pm

It's good to know that you can manage the funds until they reach legal age with a trust. My husband and I are wanting to be able to protect our son when we pass away, and we were wondering what would be the best way to do that. We'll have to look into hiring an estate planning attorney that can help us learn more information about estate planning and making trusts.

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Kristofer Van Wagner link
9/7/2020 12:06:40 am

Thank you for sharing that it is important for us to hire an experienced estate planning attorney when sorting our our estates. My mother was diagnosed with cancer and she needs to have her estate settled. I will remind her to look into an experienced lawyer to ensure it is arranged properly.

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Bob Newton link
11/2/2020 10:12:45 am

It's great that you mention that creating a will can help ensure that your assets are distributed correctly after you die. I want to make sure that my children inherit most of my property, so I'm considering speaking to an estate planning attorney so that I can create a will. I'm going to search for a good lawyer in my area that offers estate planning services.

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Eli Richardson link
1/4/2021 03:38:13 pm

It's great that you elaborated on having an estate plan, in which you control your assets even after you pass away. I haven't thought about the importance of having legally written down who and how my assets will get distributed when I pass away. I think it's important to be prepared in case of a misfortune to happen. I will consult an estate planning attorney about it soon. I appreciate your information about how with a trust, you can specify when and how your assets are distributed.

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Nelson Fogerty link
1/11/2021 10:25:06 am

It's interesting that you point out that having an estate plan can help ensure that your assets are distributed correctly after you die. I'd like to make sure that my kids inherit most of my money, so I'm considering hiring an estate planning lawyer. I'm going to look for a good attorney in my area that offers estate planning services.

Reply
Conrad O'Connor link
1/18/2021 02:43:42 pm

Thank you for pointing out that having an estate plan can help make sure that your assets are distributed according to your wishes after you die. I'd like to make sure that my children inherit as much of my property as possible, so I'm considering hiring an estate planning attorney. I'm going to look for a good estate planning attorney in my area that I can use.

Reply
Kristofer Van Wagner link
2/1/2021 12:03:06 pm

Thank you for sharing that one of the benefits of trust is that we can specifically state when our wealth should be distributed and to whom. The other day my dad mentioned that he has yet to have a will or trust established to prepare for an untimely demise. I will encourage him to have a trust set up.

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Chris Pederson link
2/1/2021 03:34:50 pm

I appreciate your advice to work with an estate planning professional to see what type is best for you. That way I can easily enjoy my future without worrying about it all too much. Also, my kids won't have to worry about it either once I pass away.

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Eli Richardson link
2/1/2021 03:35:13 pm

I'm glad you mentioned how an estate plan declares who'll have control over your belongings. My parents are retiring soon, and they heard it'll be a good idea to start their estate plan. They're sure about it since they already have a will, so they think it's a waste of time and money. After reading your article, I think it's essential that they make one. I will share this information with them and hope they'll change their minds. Thanks for the tips about why you should plan your estate plan ahead of time.

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Curtis Butler link
2/11/2021 02:35:51 pm

I think it's great that you brought up how you can determine what kind of trust best aligns with your needs by consulting with an estate-planning expert. My uncle has been experiencing health problems recently, and he'd like to make sure that his oldest daughter inherits his house in the event that he has to move to a nursing home someday. Maybe he should find an estate planning attorney that can help him better identify his options.

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Braden Bills link
2/12/2021 10:27:11 am

My friend had to go through probate after his dad died, and he said it was a stressful time. I want to make sure that my estate is planned properly so that my family doesn't have to go through that. Being able to control where my assets go would be nice, after all. I'll be sure to work with a lawyer to ensure that I get this figured out right.

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Taylor Hicken link
3/2/2021 07:57:01 pm

I appreciated it when you shared that you will have control over your assets once you pass away if you choose to do estate planning. My friend just mentioned the other day that he is worried about the future of his children since he is already old and he is afraid if his new wife will abandon them in case he passes away. I will suggest to him hiring a reliable estate planning lawyer who is able to help with his concern.

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