If you own assets in your name alone, they may pass from you to the people you love, as long as you leave a Will. Without a Will, your assets pass according to the State’s rules, also known as intestacy. The State may not pass your assets to the people you care about.
Also, you should know that…
- Assets will pass through your Will to your loved ones if the Will is written properly.
- You can reduce your estate tax liability by using a trust in a Will.
- You can protect the ones you love by creating a trust in your Will which can protect that person from creditors.
- You can protect yourself.
- It is important that you give your family the tools to help you if you cannot help yourself, your children from divorce, or you may protect your children who are not good with money or those who have other problems, such as addiction or mental illness.
- You can protect disabled beneficiaries by creating a Supplemental Needs Trust for them, which preserves assets for the family while keeping their eligibility for public benefits.
- Your Will must go through probate – using the courts to divide your property.