It is unfortunate how often as a notary you are called to notarize a will or living trust for an individual that is on their death bed. It makes for a very sad situation when your client is someone that is dying and you are called to notarize their last wishes.This familiar scenario illustrates how important it is to begin your estate planning process before an emergency arises. Very few of us want to think about our death but if you have assets that you want to transfer as painlessly as possible to your heirs, then it is VERY important that you take the time to prepare a living trust or will.
It only takes a $100,000 in assets to send your heirs to probate court, which is a notoriously long and costly process. It took over a year to resolve the probate case that resulted from my husband's father's death. Going through probate is something I would not want to wish on anyone.
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2 comments:
Establishing a living trust even though it may be expensive is a very important decision. It saves your descendants having to go through courts of law and overpaying for assets they could get for free right from your own very hands.In most cases the living trusts are under tax pressure but the main advantage is that the assets are protected from the hands of creditors if they are under a trust since the creditors can have no claim over the asset.
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In many states probate is required for less than 100,000 dollars.
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