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Friday, September 30, 2011

Where There's a Will There's a Way (to Split Assets)

The last will and testament of Queen Isabel, Spain 1864

One of the most significant lessons I learned from my parents is the importance of having a legal, documented will. It is important to have a will and perhaps even a living trust if you have assets exceeding $1 million, and valuable real estate. Otherwise your loved ones will have no idea how you want to distribute your assets after you depart this world and a chain of issues could delay and cause things to go into probate. You may not be on earth any longer, but those you leave behind will be left wondering what you wanted to do with your piano, your house, your clothes and your money, and even your children if they are under 18 years of age.
You may think, "When I'm gone, I'm gone. It's not my problem what happens to my things." But be advised.  (Without a will everything you've accumulated throughout your life will go into something called "intestacy." This means relatives you don't intend to leave your worldly possessions to might get the bulk of your estate. Or relatives and next of kin who you do want to receive your assets may not see a nickel. And if you have children, your will can designate who you want to name as their guardian. Otherwise they may be raised by a state appointed guardian. (Click here to continue on Yahoo! Shine)

1 comment:

  1. You are so right. I have experienced the pain over disputes over family estates.


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