Simply think of estate planning as a way to ensure that your legacy will go to the people you want, in the way you want, when you want. It will also allow you to save your loved ones court costs, attorney’s fees and most importantly, will allow them to mourn your loss without the additional burden of dealing with government red tape, a chaotic court system and financial confusion.
- Will- A will is a document that specifies what should happen to your assets if you pass away. A will may also contain guardian nominations to dictate who will care for your minor children if something unexpectedly happens to you.
- Trust- A trust is a legal entity that can hold title to property. With your assets securely placed in a trust, you can minimize your financial exposure to lawsuits, divorce and bankruptcy while alive. Upon death, a trust will keep your affairs private and out of the probate court. It also allows a great deal of control for people who do not want their inheritance going outright to their heirs if something unexpectedly happens.
Your Life Insurance Policy is probably the most Valuable asset you have.
If you want your beneficiary to do certain things with that money; you may want to have a Trust Account, which puts stipulatations on how he/she can spend that money.
Ex. My Mother is the Beneficiary of my Insurance Policy, but to make sure she doesn't RUN to Vegas and splurge... I set up a Trust account that will make sure she pays for my sons college tuition etc. :)
Or I can Leave the money to my son & set up a Trust, so that HE can't run to Vegas & get Married!
He can receive 20k a Year ONLY IF HE GOES TO ST.JOHNS, DUKE or UNC! Just kidding--
If you need more information on obtaining a Policy or Trust Account, please contact:
Darryl Washington - New York Life
919-280-2640
Knowledge is Power!!!
LaChauna J.
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