You knew from the moment that you got in the car with you Dad that he had something he wanted to talk about. Once you were an hour into the drive, your father finally broached the subject of his finances. Even though he is older than his wife, your father is fearful of what might happen with his assets if he should die before her. She is not as in as good of health as your father, but your father fears that if something should happen to him before her his assets will all be transferred to her. Nearly 90% of the money that your father has, he reminded you, was earned during his 35 years of working as an elevator contractor.
With some great investing and even better retirement plans, your Dad told you that he has nearly a million in stocks, bonds, and savings. As their wills are currently set up, the rights of surviver goes to each other. Your father is afraid, however, that his wife’s daughters will talk their mom out of the money that he would rather have go to you.
Your Dad wondered if you would be willing to help him talk to a lawyer and to make sure that things are arranged properly.
After the first meeting with a trust attorney, your father found out that instead of worrying about a transfer of assets, he could set up a trust that would allow his wife to have the money that she would need to be comfortable, but that those funds would be put into trust and would be disbursed as needed. The remaining funds will then be available to you.
Small Estates Still Require Legal Planning and Well Written Wills
Finding a great law firm to help you make sure that your assets are protected is important. In fact, after working your whole life to provide a comfortable living for those you love, you deserve to enjoy those assets once your work years are over.
Nearly 35% of respondents to an AARP survey indicated that procrastination as the reason why they do not yet have a will. Procrastination, at the age of 30 or 80, however, can cause you to fail to have your assets go where you want at the end of your life. Do yourself, and your family a favor, and make sure that you are not one of the 42% of the adults who, according to a Caring.com survey, currently have estate planning documents such as a will or living trust. Take the time to get all of your financial details in order, so that you and your family can live the kind of lives that you want.