![Copyright 2013 Clint W Smith JD All rights reserved The text of this - photo 1](/uploads/posts/book/88173/images/00001.jpeg)
Copyright 2013 Clint W. Smith J.D.
All rights reserved. The text of this publication, or any part thereof, may not be reproduced in any manner whatsoever without written permission from the publisher.
ISBN: 1481884859
ISBN 13: 9781481884853
eBook ISBN: 978-1-879033-96-2
Library of Congress Control Number: 2013900182
CreateSpace Independent Publishing Platform
North Charleston, South Carolina
Gerald, you know what they say
You Cant Take it With You
![How can you know for sure if you dont even try TABLE OF CONTENTS PROLOGUE - photo 2](/uploads/posts/book/88173/images/00002.jpeg)
How can you know for sure if you dont even try?
TABLE OF CONTENTS
PROLOGUE:
WHY READ THIS BOOK?
It is tragic that the average person takes more time to plan the family vacation than to plan the familys future. In the event of your death, dealing with your estate is much easier (and cheaper) for your family if you have a fully completed living trust. Lack of estate planning is a disaster waiting to happen. Sadly, that disaster can happen to the people you care about most. Even those who have prepared a traditional will can, upon their death, thrust their loved ones into a huge mess.
All too often there are unresolved questions such as:
- What will happen to your business?
- Who will have access to your bank accounts?
- Who inherits your personal property?
- What happens to your home and other real estate?
- How will you ensure the care of your minor children? Or your pets?
In this book, you will find answers to these questions and many others. I wont try to tell you everything a person should know and prepare for. But I can promise that, in the event of your death, dealing with your estate is infinitely better for your family if you have a living trust and the related documents. Within these eye-opening pages, you will find the simple answer to what you can do to prevent a costly ordeal for those you might want to help the most. These easy-to-use tips, definitions and advice can help you plan your estate now so that later it will be a blessing to those you love instead of a burden. Read on to see why. You might be surprised by what you learn, and it can change your life.
INTRODUCTION:
PLAN YOUR ESTATE NOW
For more than 27 years, while practicing and teaching about the law, I have accumulated important information about estate planning with this goal: help my clients take care of business so they can sleep at night. Too many people put off their estate planning until it is too late, causing anguish among family members and friends. Ive learned that most people dont look forward to this part of their planning for the future. So they put it off. It pointed out a dramatic need for this book: an easy-to-understand guide to motivate and help you plan your estate now and save money, time, hassle, and even relationships in the future.
The concept of this book was sparked by some of the surprisingly incorrect views out there about trustseven among lawyers who should know better! A revocable living trust is a fundamental tool in the estate planning toolkit, and I want to inform as many people as possible about the benefit of having one.
My practice has always been about people. I love meeting with regular people and helping them plan for the future. I sincerely want to help you enjoy your property during your lifetimeafter all, its yours! And I want you to be able to pass the unused portion of your estatewith the least possible loss in valueto your loved ones. But sadly, that seldom happens.
A recent survey found that over 50% of American adults do not have even a will. That means over half of us have made no plans whatsoever! As we will discuss, that is good news for government treasurers and probate attorneys, but very problematic for those left behind when unprepared people pass away. The statistic is especially noticeable when we look at age brackets: over 75% over age 65 have a will, but only 8% of us under 35 do.
Why? Because when we are young we believe we are invincible. We think nothing terrible can happen to us. We are also busy building wealth and raising families. That is precisely why people in that age range need to plan!
Its an overwhelming prospect for some. But armed with the easy-to-understand tips, definitions, and advice in this book, I promise that you wont feel overwhelmed. You can plan your estate and have peace of mind!
What is Estate Planning?
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The best description of estate planning Ive seen comes from the National Network of Estate Planning Attorneys:
I want to control my property while alive, take care of my loved ones and myself if I become disabled, and, upon my death, give what I have to whom I want, the way I want, and when I want. And if I can, I want to save every last tax dollar, professional fee, and court cost possible.
![CHAPTER ONE THE BASICS OF WILLS Some people hear the word estate and - photo 4](/uploads/posts/book/88173/images/00003.jpeg)
CHAPTER ONE:
THE BASICS OF WILLS
Some people hear the word estate and immediately think of mansions and summer homes in the Hamptons. The fact is you dont have to be a Rockefeller or Bill Gates to have an estate. Everyone has an estate. Merriam-Websters Dictionary defines an estate as a persons assets, whether they be negative or positive in value. Since all of us fall into that broad definition, it is prudent to think about doing some kind of planning.
Lets begin with the most basic estate planning tool: the will. Most people know about wills and fully intend to have one... some day. A will allows you to design your plan to distribute your real property and other assets. It also allows you to design a plan to distribute your assets upon your death. It can also dictate who will care for your minor children.
Many different kinds of wills exist. I like one that reads: Being of sound mind... I spent every cent I had! However, few of us are able to gauge the exact length of our lifetimes. Its nearly impossible to spend every cent because we must keep some money for tomorrows living expenses. No one wants to be a financial burden on family and friends. We all want to pay for our funeral expenses, and avoid leaving tax and other burdens. Therefore, we need to do at least minimal planning to provide for our property after our demise and pass along whatever remains of our estate.
Intestate Wills
Here is a little understood fact: people who dont have anything in writing at the time of their death will actually have chosen a will by default. It is written by the state legislature and is in state laws that most people have never read. It applies to everyone who dies in that situation. It means that those who dont have wills have decided to let their state government choose the manner in which their estates are disbursed. This is called dying intestate. Whether or not you like the terms and conditions, these intestate laws dictate how an estate passes, and generally provide that it all goes to the nearest relative. This may be exactly what you would want to have happen. But too often, it isnt. Thats the first reason to have your own will prepared: to ensure your laws are carried outnot the desires of the legislature or court system.
Heres a real-life example: Catherine Marshall was the wife of the noted U.S. Senate Chaplain Peter Marshall. Catherine did not want to discuss with her husband -- or think about -- his death while they were both alive. When he insisted that she must write down some things she needed to know just in case something happened to him, she said she was almost defiant. She told him, Ill put this stuff down to humor you; but I cant stand to hear you talk that way. Nothing is going to happen to you. Dont be foolish. (Catherine Marshall, To Live Again [New York: McGraw-Hill Book Company, 1957], p. 24).
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