Your Important Estate Planning Questions (Part 2 of 3)

Many people believe that the most important benefit of estate planning is the peace of mind they feel which allows them to sleep at night.  We know that if you have your estate planning questions answered, you will feel peace of mind.  So, we’re providing answers to questions our estate planning clients have felt were important.

My aunt says I should avoid probate.  Why?

Your aunt is giving you some good advice.  If you want to save money, time, and effort while avoiding court interference and having your personal and financial information made public, you’ll want to avoid probate.

We can set up your estate plan to avoid probate.

My grandfather died peacefully.  He had a living will; do I need one too?

If you want to die in peace without being hooked up to machines and being subject to other heroics, a living will is right for you.

With a living will, you are kept as comfortable as possible, but do not have your life artificially extended with heroics.

I don’t like my shady son-in-law at all?  How can I keep him from getting my daughter’s inheritance when I die?

First of all, be sure that your daughter’s inheritance goes to her in an asset protection trust.  This means that it can’t be taken in a divorce.

In addition, explain to your daughter why she needs to keep her inheritance in trust and not take it out. 

For instance, your daughter could buy a home in the name of her trust or she could pull the money out and buy the house in her individual name or in joint names with the shady son-in-law.

She needs to understand the very negative consequences of not keeping the trust property in the trust.

Furthermore, if you are still concerned, you can name a professional trustee as trustee of your daughter’s trust.  A professional trustee would be an estate planning attorney, CPA, bank, or trust company.