Why are we so hesitant about making or keeping our wills or trusts up to date? One reason is that we may think we have all our future affairs under control.
Some believe that a will is not needed when their assets are held in joint tenancy. Actually, joint tenancy does not provide the complete protection a will or trust may provide. Others believe that joint tenancy avoids probate. In most cases, it only delays the probate process.
A will or trust can help you plan for the best way to utilize your assets during your lifetime and can also provide for the management of your assets in the event of incapacity due to injury or poor health. It also clearly directs the disposition of your assets at death, giving you the opportunity to provide for loved ones or establish a legacy that will continue your values for many years.
Do you have a will or trust in place? If so, when was the last time you reviewed it? Have there been any major changes in your personal or financial situation? Do you know the tax ramifications of how you hold title to your property? Do your heirs or executor know the location of your important papers?
It is important to ask yourself these questions and to seek expert, personalized advice for guidance. Some may find value in building a team of specialists for assistance; others will visit their long-time family attorney. At Braille Institute the Planned Giving Office offers confidential consultations to assist you in understanding how wills and trusts and estate and charitable planning can best meet your needs. We can help you prepare for that visit to your attorney. |
