Five Assets a Will Does Not Control

You’ve worked hard and have begun to acquire wealth.  You’ve even have a will to make sure that your assets go to your family.  You think you’re all set.

Unfortunately, a common misunderstanding is that your will encompasses and controls all of your assets.  This is simply not the case.

5 Things a Will Does Not Control

Proper asset ownership for estate plans that only contain a will can be confusing.  The bottom line is that a will only controls assets in individual names.  It does not control:

  1. Trust assets
  2. Retirement Accounts
  3. Life Insurance
  4. Annuities
  5. Employee benefits

A will avoids the courts from deciding who gets what, a trust can provide an additional protection and allow you more control to dictate who receives your assets and when.

3 Benefits of a Living Trust

Adding a living trust to your estate plan can provide with the following benefits:

  • Avoid probate, which can be costly and time-consuming;
  • In some cases, saving taxes;
  • Protecting inheritances for children and grandchildren from the courts, creditors, divorce proceedings and irresponsible spending.

There are many types of assets which can funded into your trust.  This includes real estate, bank accounts, investment accounts, and intellectual property rights.  Also, business interests can be held in a trust.

It’s important to work closely with your estate planning attorney to make certain that all of your assets are distributed according to your wishes – and done so with the least amount of cost and time delay.

It’s important to work closely with your estate planning attorney to make certain that all of your assets are distributed according to your wishes – and done so with the least amount of cost and time delay.

 

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