Series: Some basics ~ Trusts and Wills

Every year I assist folks in the ‘trust/ will/ estate’ conversation. It’s a ‘before/ during/ after’ situation that can change quickly. Taxation (filings/setup), real estate holdings (transfers & Anibal Group LLC RealtyNetWorth.com elder care assistance

Anibal Group LLC RealtyNetWorth.com elder care assistance

liquidations), and forensics (planning, investigating, or court professional witness) are all part of these conversations. Timing plays a critical role, and the sooner the better.

Many don’t know there was/is a fiduciary tax return to file. Others, think they are doing well to transfer deeds prior to death, but then leave family complications or large tax bills behind. Sadly, many families have ‘something seems strange’ situations where the numbers don’t seem to add up.

This chart shows some of the major differences between a Will and a Trust:

Tool allow:	Will	Trust
Name beneficiaries ?	yes	yes
Name guardians?	yes	no
Leave property to my children?	yes	yes
Avoid probate?	no	yes
Make changes?	yes	yes
Keep document private?	no	yes
Appoint someone to execute it?	yes	yes
Leave final wishes?	yes	no

What now? Please solicit advice from multiple sources based on various areas of Anibal Group retiree assistance specialization….e.g.:

professional insurance/
legal/
tax/
financial planner/
lender/
realty broker/
and even a spiritual advisor. Yes, even your pastor will have great insights to share re: what the rest of us professional see ‘after the fact’. I can’t stress this enough, virtually every family has ‘issues’ when $’s and control come to play. Many client families I’d never dreamed would have had disagreements have family splits, even when little to nothing was left to disagree over.

Well the key word is ‘now’. Advice & planning is worthless after someone becomes feedback_todo_checklist incapable of handling their affairs, or passes. Review your strategies and go forward. Later, the complexity and expense – financial and emotional – will grow exponentially!

Don’t know where to start? Do the clerical work. Don’t know where that starts? Contact me for assistance.

Our approach will be looking at the bigger picture. ( See our theNetWorthLife.com site) You can also begin by sharing you’re thoughts, dreams, needs, goals, and comfort parameters.

Anibal-Group-LLC-RealtyNetWorth-b-w-contemplation

Year-end tip(s): Update your Assets spreadsheet. Keep a draft of your Trust/ Will documents on a google drive format for easy sharing with your insurance/ legal/ and tax counselors.