Have you ever considered creating a revocable living trust? If the following apply to you, you might want to reconsider…
You want to make things as difficult as possible for your family members upon your death or incapacity.
You want your children to fight over your estate when you’re gone.
You want a lengthy public probate proceeding upon your death. If you own real estate in more than one state, you could even create multiple probate proceedings!
You want a guardianship proceeding if you become incapacitated. What better venue for family members to work out their differences than in a courtroom?
You don’t care if your children eventually get disinherited by their future step-parent. I’m sure the person your spouse marries when you’re gone, and his or her children, are wonderful people who deserve all of your hard-earned assets!
You don’t mind if your child’s spouse takes half of your child’s inheritance when they get divorced. Your ex son-in-law or daughter-in-law probably earned it.
You are not concerned about saving taxes. After all, the IRS and the Wisconsin Department of Revenue could really use the money.
You are happy to pay many thousands of dollars to the lawyers from your estate upon your death or incapacity. They probably need the money as well.
You are happy to pay hundreds, or perhaps even thousands, of dollars from your estate to the Clerk of Courts for the privilege of using the court system.
When you’re gone, you want all information about your estate (value, beneficiary information, etc.) available online for easy access to whoever might be searching for this type of information. As a beneficiary, it’s always fun to get random phone calls and letters from people who know you just inherited money and want to sell you stuff. Or, even better, by potential suitors who want to date you!
If you are interested in exploring your own estate planning options, contact us today to set up your free initial consultation!
“I think the next best thing to solving a problem is finding some humor in it.” – Frank A. Clark