Living Tree CBD Dying without a valid will is once of the biggest mistakes we see, and one of the easiest to avoid. Without a valid will, the result is "intestacy" - which means the state will decide who gets what.

The second most common mistake involving wills is failing to update them. Review your will a minimum of every three years, and after any major life change (marriage, birth of child, divorce, move to a new state, etc.).

At some point you have to decide what you want done with your assets after you pass. It can make things much easier for your family during their time of grief if you have something set up. There are several estate plans that you can choose to utilize.

If you want to forgo the hassle of probate for your loved one, you might consider having a revocable living trust as part of your estate plans. These allow you to pass property to your loved ones without going through the court. Any bank or financial institution can help you set up one.

Probably one of the best things about this plan is that it can be easily altered. You can add money to the account, take money out, and even name new beneficiaries. If you need to, you can also remove beneficiaries from your list. After you pass, this property is transferred quickly to the people you have chosen.

Any bank account can be turned into a Totten trust with only a signature on a few forms. What this does is designates the chosen beneficiaries that receive the contents within your account. They are simple to set up and are transferred quickly to your loved ones upon your death. In addition, if you have stocks and bonds, you can set these up to pass to whomever you choose in this manner.

An estate manager will take the following actions, among others, upon assuming his/her role:

• - Open a separate bank account for managing the estate.

• - Chronicle and track all income and expenses of the estate.

• - Pay all outstanding debts and expenses of the estate.

• - Distribute the remainder of the estate among the heirs, after debts and expenses have been paid

• - Take legal action against an heir or any person who has caused harm to the estate.

• - File a deposition to a court detailing the distribution of the estate (including the value of the property given to each heir at the time of distribution) within thirty days after the distribution of the estate.

If all you have is assets, there is a good chance that your family will be confused with the outstanding debts versus the assets available. Not to mention, if the values of your assets are reduced because of market situation, it will only cause more confusion. With proper planning, the right beneficiaries will receive the financial inheritance that you desire to pass on.

We have all heard of or seen the family that becomes divided because of inheritance passed down from the deceased. Estate Planning will work around any conflicts that can arise because of "assumed inheritance."

What are the Benefits of Having a Will?

Having a will is an important part of estate planning overall. While some people may think having a will in place is frivolous, there are a number of benefits to having this document prepared:

Having a will gives you the ability to decide who will receive specific assets when you pass away. For those individuals with children, it can also include who will have custody of the children should something happen to you while they are still considered minors.

A will can outline who will be appointed executor of your estate when you pass.

Drafting a will can give you peace of mind that the planning of your final affairs is already set and grieving loved ones do not have to struggle by making difficult decisions.

Choosing an Estate Executor

Choosing who will be the executor of your estate is an important decision and one that should not be taken lightly. When thinking about who will fill this role, think of someone who is well-organized, able to meet important deadlines, and someone who will be honest and forthright with what the will outlines. When making this decision, it is important to not worry about who may be offended or have their feelings hurt - an executor needs to be chosen based on their ability to complete the task.

Different Estate Planning Documents

There are a number of documents involved in estate planning and making sure to select the ones you need can be confusing. Here is a short explanation in order to gain a better understanding of these documents:

Last Will: Distribution of assets, legal guardian of minor children, last wishes including funeral arrangements

Living Will: Life support preferences, organ donation specifications

Living Trust: Avoid costs and delays of probate, keeps estate information private, decrease some estate taxes

Investment Advisory Services offered through Global Financial Private Capital, LLC, and SEC Registered Investment Advisor. Any comments regarding safe and secure investments, and guaranteed income streams refer only to fixed insurance products.

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