Is having a trust/will for the wealthy?
HECK NO!
Having a trust and a last will and testament is for
everyone.
3 reasons why it is for everyone below:
1.
If you have
any property and/or money in an account, without having either instrument can prolong
your estate.
2.
Having these instruments aren’t about the
amount.
3.
The general purpose of these instruments is to leave
those who rely on the decease some type of security.
We all may know of Takeout, the rapper. Essentially, he died
without having a will and last will and testament. And due to the lack of this
instrument, his parents are fighting over the estate.
So not having these documents in place may cost your estate
a lot of money.
So how do you setup last will and testament?
1.
Do an inventory of all property, funds, personal
objects, etc.
2.
Record who you want to get what in document form
3.
Put this document in a safe place where someone(s)
can find it in event of your death
*I recommend seeking advice from a lawyer in your state of
residency.
How and why setup a trust?
It makes transitioning wealth easier. You will need a
trustee and beneficiary, which can be you. However, you will need to file taxes
on this entity.
Obviously, the steps for these documents is a little more complicated.
But this information is to simply your thought process about it.
*Always consult a lawyer for more information.
~ Attorney Ronnie O’Brien Rice
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