If your wealth is growing so is your list of assets, make sure everything is protected
Protecting Assets
Until now, you may have thought you didn’t own anything that was worth passing down. But Estate Planning is more than just inheritance rules. It is about making sure your family is able to continue on after you pass. Make sure they are able to stay in your new home without issue by planning how your estate would be handled.
Addressing How Assets Are Titled
Your Estate Planning documents create the rules for how your assets will be distributed after you pass away. Another element to consider is whether your spouse’s name is on all titles. Simply ensuring the titles of all property includes both of your names will eliminate many avoidable issues.
Understanding Intestate Probate
If you do not direct how your assets will be distributed with a Last Will & Testament, your family will have to go through an Intestate Probate Proceeding and follow the state’s laws for inheritance. Sometimes, a spouse is not automatically assigned ownership of 100% of the assets. Her inheritance could be divisible amongst your parents as well. To ensure everything is managed to your wishes, start your Estate Planning now.
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