Trusts are one component of an estate plan that can greatly help or harm the plan. It is imperative that you carefully consider the goals that you have for the assets that you put into the trusts. This can help you decide what types of trusts you should establish.
Your estate plan is where your loved ones will turn to find out what you want to do with your assets when you pass away. There are several components of an estate plan, but some individuals are surprised to find out that some of them are used before you pass away. Together, all of the following points create a comprehensive estate plan.
Sioux Falls residents are encouraged to begin the process of planning the dispersal of their estates relatively early in their adult lives. Yet despite the best efforts of estate planning experts, many American adults do not have a will (indeed, information compiled by Gallup shows that only 44 percent actually have such a document). The reasons why so many adults put off estate planning is unknown; the consequences of such inaction, however, are not. This may come as a surprise to some (who may believe that their beneficiaries are allowed to determine the distribution of their assets if no will exists providing such stipulations). In fact, state law is what dictates how intestate estates are dispersed.