70% of Americans Do Not Have a Will
By some estimates, 70% of Americans do not have a will or a trust in place.
Some argue that this high percentage is a reflection of our cultural attitudes toward death and the law. Regardless of the cause, the reality is that 70% of America is allowing the State and the courts to have power over their property after they die.
Wills and Trusts: Gain Control
Most people believe that taking control of estate planning means drafting a will. Those who draft a will are in a better position than those who have no estate planning; but, wills are not the only option.
Those who want to take control of their estate planning, owe it to themselves to consider all their legal options, including a living trust. Trusts are different than wills. They afford protections not available from any other legal entity and can be a part of a will or a completely separate document.
Trusts: Another Option
Living trusts (the most user-friendly and easiest trust) afford different controls that aren’t available with a will. Living trusts act as your “living hands” today and your “dead hands” tomorrow. They direct and control your property without the court’s or state’s involvement during life, incapacity, and after death.
In the event of death or incapacity, a trust can continue to control your property as per your specifications and, unlike a power of attorney, can’t be superceded by the courts. Wills, on the other hand, only afford you protection after death not during incapacity. Even after death, wills behave differently than trusts.
Trusts are an often unknown or misunderstood area of estate planning. We invite you to peruse this site to gather information on your own. If you would like to talk to someone about how a will or trust would work for you, please contact us.
Educate Yourself
You owe it to yourself and your heirs to educate yourself on all your estate planning alternatives. Incapacity and death are not pleasant to imagine, but are part of life. As we protect our families and provide for them today, we need to make arrangements for an easy transition of property and control for the future. These arrangements can be made according to your specifications with the proper legal vehicles.
Robert Focke and Associates offers free initial consultation on estate planning, so that you can understand your options. Please contact our offices at 713.850.7799.
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