Wills, Trusts, & Estate Planning
Estate planning. Isn’t that just for wealthy people?
You should consider estate planning if:
You have dependent children, or loved ones with special needs
You have a blended family with stepchildren or children from previous relationships
You have preferences on how your estate is passed on to loved ones
You have assets worth more than $150,000
You have concerns about what will happen should you become ill or incapacitated
You own a business
You would like some of your assets to go to charity
You wish to maintain privacy over your assets and finances
What is the difference between a “Will” and a “Trust”?
Having a will means that you, not the state, decide how you want your financial affairs handled after you pass. A will is one of the most important things you can do for yourself and for your loved ones, to protect them and your assets.
A living trust is a plan for managing your property during your life and after you pass. You appoint a successor who can manage your property not only in case of your passing, but also if you should become incapacitated, say through an accident or illness. Many clients find a living trust a powerful but simple tool to avoid costly, complicated court intervention.
At Nexus Legal Solutions, we make the process easy and affordable.
A basic will begins at $600; a trust at $1200. All include custom options such as health directives, minor protection plans and other ways to address individual needs.
A professionally prepared estate plan can help you avoid:
Probate. Probate is the legal process through which a deceased person’s estate, or property, is distributed to heirs and designated beneficiaries. The probate process can be long and costly, taking months and sometimes years to resolve. The longer it takes, the more costs accrue, leaving potential heirs with less than the deceased may have intended.
‘Do-it-yourself’ Pitfalls. Jumping online and filling out a standardized form to prepare a will or trust is a financial risk. As one of the most important financial-planning documents of your life, it is better left to a professional. Otherwise, survivors can be caught in costly, time-consuming court battles to contest an unlawful, poorly drafted, or vague will.