Do you know what a will and a trust can do for you? Watch Arista Advice to find out why you should have one and what are the important things to include.
Question of the week is: "Paul, Why didn't my mother follow your advice and establish a will and a trust? Just a few days ago I sat in our conference room, and there were two wonderful ladies whose mother had unexpectedly passed in the dark of the night.
As we visited and as we talked there were some wonderful things that were done and there were some essential things that were not done. We met with his client many times over the last 15, 17, and 19 years and I asked and invited this wonderful person to establish a will and a trust in the event that she passed away. During our meeting there were some hard times and there were some difficult topics that we discussed.
It's really important for all of us to have a will and a difficult topics that we discussed. It's really important for all of us to have a will and a trust established. May I share with you some key things that a will and a trust will do for you.
Number one: when you make your will make sure that you designate the beneficiaries and who the executor will be in your will and your trust beneficiaries and who the executor will be in your will and your trust.
Second make sure the executor is the one you designate to see that your wishes are carried out. The main purpose of a will is to make provision for the distribution of your property after your death anyone of legal age 18 years or older, in most states, and have a sound mind can make a will. If you have a property that has significant value, in the state of Nevada it's $50,000, you need to have a will or a trust to distribute those assets. Also, other key things to keep in mind before writing a will or a trust: make a list of all the assets and designate what they are and where they can be located.
Number two: find the paperwork for your assets.
Number three: choose the beneficiaries.
Number four: choose a successor trustee.
Number five: choose a guardian for your minor children.
There's a lot of lessons that were learned just a few days ago when I sat with these two wonderful daughters of our deceased friend. It's a reminder that none of us know when we will depart this life. Please go to our website and look at the tools and tips of things that you can do to become better prepared for life financially.