Estate Planning, put simply, is the process of arranging one’s affairs for when they pass away. This can usually be accomplished through the use of living trusts and wills. To most, the concept of estate planning sounds relatively straightforward. You probably feel that you should dictate how and to whom your assets are distributed after you pass away, with little concern for any other issues that may arise.
The reality of estate planning, however, is not always so simple. There are a number of factors to consider when preparing an estate plan, including, but by no means limited to, the following:
The value and types of your assets
Your current and future income
Your distribution desires
Your mental and physical condition
Other objectives, such as leaving a legacy, providing for a charity, taking care of your children or grand-children, or proving for someone with special needs
The most common estate planning instruments are wills and living trusts. There is a common misconception about the need to have a living trust. Many assume that they only need a simple will to best take care of their affairs when they pass away, and that only the wealthy need to have a trust. While this may be true in some instances, it often also leads to unexpected results.
Estate planning is one of the most important steps any person can take to protect their assets from estate taxes and avoid probate, so contact an NCH representative today at 1-800-508-1729, Monday thru Friday,8 am-5 pm PST.