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Your home is the most valuable part of your estate and crucial to wealth creation and prosperity.
It is critical that you take all necessary steps to protect this asset.
The best first step, is ensuring you have a will.
Having a will is arguably one of the most important things you can do for yourself and your family. Not only can a will legally protect your spouse, children, and assets, it can also spell out exactly how you would like things handled after you have passed on. A will is a legally-binding document that lets you determine how you would like your estate to be handled upon your death.
If you don’t have a will, your loved ones may not receive the assets you wish to leave them in the event of your death.
If you do not have a will, you die intestate. In such a case, the state will oversee the distribution of your assets. The state distributes your assets according to a set formula. The formula often results in half of your estate going to your spouse and the other half going to your children. Such a scenario can result in the sale of the family home or other assets, negatively affecting your surviving family. This can create financial and emotional difficulties. Tax considerations are another important issue to consider, as a properly prepared will can minimize tax liability.
Creating your will is the first step in a two-step process. The second step is putting your will in the hands of your executor or professional advisor. Remember, your wishes can only be carried out if they are known. Putting your will in capable hands ensures that it will be available when it is needed.
Executors make sure all your affairs are in order, including paying off bills, canceling your credit cards, and notifying the bank and other business establishments. Because executors play the biggest role in the administration of your estate, you’ll want to be sure to appoint someone who is honest, trustworthy, and organized (which may or may not always be a family member).
Contact a LUCID Estate Planner to assist you, in preparing a will and discussing your estate.
Ensure your assets and interests are protected.