trust - Organized After Life

[FREE Video Guide] Estate Planning Terms You Should Know
About Jen
Online Courses with Jen

[FREE Video Guide] Estate Planning Terms You Should Know
About Jen
Online Courses with Jen

trust Tag

28 Feb

Michael Jackson Estate and Trust Funding

Trusts are helpful tools. But as the Michael Jackson Estate shows, the most important part of having a trust...

The legal issues that we all will face shouldn't be a mystery.

Your risk is a lot higher than you'd think.

Your risk is a lot higher than you'd think.😱

Yes. You still have to go through probate even if everyone gets along.

Probate is the methodical (and time consuming and expensive and public) process of administering the assets left in someone's name. Until the court does their thing, those assets are frozen and inaccessible.🚫

Whether or not your family gets along does NOT determine if you have to go through probate.

It's how much and what kinds of assets that are stuck in someone's name.

Yes. Surviving spouses can face probate.😩

Yes. Siblings who get along and agree on everything can still be stuck in probate.😩

Avoiding probate is possible, but it takes an effective estate plan.👀

By the way, if you want to know the secret to avoiding probate and having an estate plan that works, just respond with WORKS and I'll send you information for my video series where spill it for you.

Does that make me old or still young? #midlife #m

Does that make me old or still young?

#midlife #millenial #djo #strangerthings #npr

Why are we stuck in probate?

A nightmare scen

Why are we stuck in probate?😱

A nightmare scenario I see far too often, but it's totally preventable.⬇

Probate is the bureaucratic court process to transfer assets left in "stuck" in someone's name.

Most states require that process when real estate is stuck. Many states, including mine, don't have real estate transfer automatically to the spouse unless the deed says so. If the deed doesn't say so, the spouse has to go through the bureaucratic court process. 🛑

This is EVEN with a will in place. 🤯

This is what I call STUPID probate. Going through all the bureaucratic hoops when the right kind of deed could have avoided the issue. It feels stupid that we have to deal with this, but that's what's required.

Finanically savvy people get serious about their estate plan because an effective estate plan avoids stupid probate.💡

What is an effective estate plan?

🔸It thinks through the legal issues that come up and stratgizes how to avoid the issues.
🔸It has good legal documents to set up that strategy,
🔸It has the follow through to get assets to do what they need to through deeds and beneficiary designations.

You can avoid this nightmare by getting serious about having an estate plan that works.💪🏻

Here's what's commonly missed.

Here's what's commonly missed. 👀

Too often, business owners aren't thinking about their business when they get around to signing a will or setting up a trust.🤔

Hi! I'm Jen, a probate attorney that helps families work through the estate plan.👩🏻‍⚖️

Without an effective estate plan (and trust me, that's more than just a will), business assets are frozen meaning that employees and vendors and customers are harrassing your family members at the worst possible time.😱

Here's the insider tip I have for every business owner.👇🏻

Understand the nature of your business and your business assets.💡

Are you a soloprenuer without an enitity and have business accounts and assets in your name?

Have you created an LLC or S-Corp that holds accounts and assets?

Now, when you meet with an estate planning attorney, let them know about your business and the nature of it so they can strategize how to prevent the nightmare scenario I see far too often.💅🏻

If you're a business owner, it's time to get serious about an estate plan.

Start here, with my video series where I share the secret to an estate plan that WORKS! 🙌

Respond WORKS and I'll give you the details.

#estateplanning #estateplanning101 #businessstrategy #businessowner #entreprenuer

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Organized (after)LifeTM, Your Organized (after)LifeTM Workshop, Good Legacy and all related content are for educational purposes only. No attorney-client relationship is established here, on the podcast, or in the workshop. If you are contemplating a will, trust or any other form of estate planning you should contact a licensed attorney in your state of residence.

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