Who Needs A Will And Trust? – FinanciaRUL

Six important points must be included in your estate plan. They will be discussed in more detail for those who want to know.
The trust or Will
There are many people who don’t need a trust or will, but it’s about why. These documents are only necessary for those with a substantial amount of assets. That’s the most serious oversight you could commit. If you want to decide how to divide your assets, you don’t necessarily need to have a large amount of assets. It’s essential to be clear about whom the beneficiary is. In addition, you must follow the same procedure for how your distribution will be made.
The power of attorney
Sometimes , you aren’t able to do what you want, so you have to have someone else execute it to your specifications. Imagine that you are hospitalized to undergo emergency colon cancer treatment. A power of attorney executed is an excellent option to eliminate any confusion on what needs to be done to your estate even if you’re away. You can still use the power of attorney regardless of whether you’re out.
Designations for your Beneficiaries
It is not your intention to have a judge to make a decision about the disposition of your wealth. If you aren’t sure of the person who is the beneficiary of your trust or will, it’s possible to end up with assets. A designated beneficiary will help to avoid family conflicts and court fights.
Tell us about your plans with a short letter
It is vital that you clearly state your plans in regards to how your assets are going to be divided when safeguarding the assets. A letter of intent must be signed by you , stating what happens to your assets. In addition, you may write one for deciding which location you would like your funeral services to be held. In the event that this declaration is challenged or contested, you can use it for influencing an arbitrator in your favor to avoid any disputes over your assets happens.
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