In steps 1 and 2 of The Life Plan, we created a budget and completed a financial plan for retirement. In step 3 of The Life Plan, we will execute your Estate Plans. We call this step “put it in writing”, which is exactly what we will do. Completing your Estate Plan will give you and your family peace of mind through a detailed communication of your wishes and intentions.
There are several aspects to an Estate Plan: Advanced Healthcare Directive, Nomination of Guardianship, Final Will and Testament, Revokable Living Trust, and other items in some cases. The Living Trust is the most dynamic and in my opinion, the most important. Creating of a Living Trust gives you the opportunity to determine every aspect of your existence from now until death and beyond. You give yourself complete control of your assets and your body/health.
Of course, the Government has a standardized “Trust” that is used on everyone in the absence of your own Living Trust. It’s administered through court proceedings called Probate, which will cost your family a lot of time and money. After that process, there may not be much of anything left for your heirs. Not to mention, the standardized Government plan only comes into effect when you die, but does nothing for you while you are alive.
The Living Trust allows you to decide who is going to take care of you, what you want to be done or not-done in any circumstances that might arise. You get to do this NOW, while you are fully competent and aware of your wishes. You can put all applicable accounts into the name of your Living Trust. By doing this, you will avoid the probate process. You can also decide WHO is going to administer all of your belongings or assets and exactly HOW that is to be done. Do you want your child to get all of your life insurance money when they turn 18? Or would you rather they get it at 30? Maybe you think they should get $2,000/mo. until it’s gone and the balance should be invested in the stock market or bonds or real estate. You can get as specific as you want with a Living Trust, which helps to ensure you maintain all of the control over your assets and belongings, even if you are not physical present or mentally capable of making those decisions any more.
In some cases, the Government version can cause your assets to go to family members or ex-spouses whom you despise or perhaps don’t get along with. Creating your own Living Trust is the only way to make sure nothing quirky happens with your assets and your family.
In step 3 of The Life Plan, you will go through this entire process and when it’s complete, an incredible calm will come over you. I did this for myself at age 31. It’s never too early or too late. Especially when you can get a Free Consultation with my personal attorney Jarod Cauzza from Neil-Dymott, just by calling this number 619.238.1712 and mentioning “Mr. Credit“.