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Coronavirus Special Video Below
Should I Have a Will or a Trust?
What are the five things about a will we don't like?
- All your assets must go through the long and expensive probate system
- During probate your assets and income can get locked up. During the Virus Crisis it could be a longer time while the court systems have limited ability
- All your private affairs become public
- Can be expensive. Normally, probate costs between 3%-7% but due to the Virus Crisis it could be much higher
- A Will cannot provide ongoing management in the case of a health care catastrophe
How Does a Trust Work?
A Trust is very simple - It is like a safe container for all your assets. You will have a legal document with a new name that you decide on. You decide on a name such as "The John and Mary Doe Revocable Living Trust." Once signed and notarized, you will be able to change the ownership of your assets to the name of your trust. Your bank account now becomes The John and Mary Doe Trust Account. You can still control it and can spend whatever you did before. The big difference is that if you get sick or pass away, you have already appointed the people to whom you want to pass control of your assets and income. This means that your family can totally avoid the delays, asset locks ups, and costs associated with probate.
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No part of the discussions or presentations on this site should be considered legal or tax advice. We will provide the legal documents and encourage you to seek legal advice from a licensed lawyer in your state of residence if you need specific advice.