It’s safe to say that the world was shocked when Chadwick Boseman passed in August 2020. No one knew he had been battling colon cancer for years. It was something he kept private. But what was even more shocking was that he died without a will.
Given his status in life as a Top Hollywood Star, and the fact that he came from a large family and had recently got married, you would think he would have had his affairs in order and created some sort of estate plan; but he didn’t. So now, the state of California must administer his estate to distribute his assets to his family.
While death and its aftermath are not topics most people enjoy talking about, with this ongoing pandemic and everything going on around us, it has become one of those subjects that we must unfortunately address.
So what does it mean to die without having a will or a trust? What happens to your assets? Does your family automatically get them? The short answer is "NOT ALWAYS".
And unfortunately, sometimes, there are assets that must pass through a court process called Probate, and those assets can be tied up in court for months to years.
By now, if you are a mom (married or single), a wife, or a single person with assets, you are probably asking yourself: "How can I avoid putting my family in this situation should anything happens to me?" Simple by creating a Will or a Trust.
The creation of a will or a trust can help avoid a lengthy probate process. Both are useful estate planning tools, and both can work together to create an effective estate plan. Both a will and a trust direct how you want your assets (property, money in the bank, life insurance, etc...) to be distributed either at death, or during your lifetime. But they do have their differences.
A will becomes effective at death, where a trust becomes effective at execution. Unlike a will, a trust is private, and upon the death of the trustee, the successor trustee simply administers the trust and distributes the assets of the trust to the intended beneficiaries. A will on the other hand must be deposited with the court upon the death of that person, regardless if there must be probate or not. This is why many people prefer a trust over a will.
Creating a will or a trust is an important tool for anyone with assets, especially when you have minor children or children who are financially dependent on you. You want to make sure they are properly taken care should the worst happen. It helps avoid confusion and chaos during a time that is already painful.
Deciding what type of estate plan is the best varies from person to person, because we don't all have the same assets, dependents, etc... And that's why you need a knowledgeable person to help you decide which one will work better for you and your family.
As my contribution to the Empower Women through Knowledge 2022 goal, my firm is offering a 15 min consultation to all the readers to answer all their questions and assist them.
Don't let life catch you or your loved ones by surprise. Let me help you get your affairs in order.
Jennifer Petrovitch, Esq.
Managing Partner at Law Offices of Petrovitch & Kutub
Website: www.PKLegalGroup.com
Email: jennifer@pklegalgroup.com
Phone: (561) 542-4328
I too had the same thoughts. I thought I was too young for an estate plan, or I didn't have any "assets", but reality is, its never too early to create something. Even a very small bank account is an asset. So planning at any age is important.
Very interesting and useful subject….getting an appointment now…...I have assets, and my daughter is from my first marriage….thank you for that reminder.
Wow what a great topic. This has changed my mindset towards will and trust. I feel like having both a will and a trust is a powerful way you show your love. It will save your family time and money. And the heartache of squabbles here and there. It’s as simple as deciding how you want your life to be handled and not the other way round. I really like this. 🙂👌
This was an awesome read! I remember growing up I thought wills& trusts were only for wealthy people 😳 I couldn’t have been more wrong! Lol Thank you for breaking this down to simpler terms as well. This is well needed valuable information.