If you get bogged down with a high balance that you can’t easily afford to pay off, it can take years to get out of debt. However, what happens to your credit card debt, if you die before you’ve repaid it?
Unfortunately, due to hidden resentments, siblings still tend to end up in court suing each other and losing great chunks of their inheritance in the process all too frequently.
Do you ever worry about how your beneficiaries will manage their portion of their inheritance when you pass away? One solution that allows you to still exert some control over your money–even after passing–is with a revocable living trust (RLT).
During the estate planning process, these beneficiary designations are reviewed to ensure that the beneficiaries are correct, and that the distribution of these assets conforms with the client’s intended estate plan.
About 55% of Americans do not have a will. Even more worrisome is the fact that less than one in five millennials have a will. The top reason why Americans don’t have a will, is simply procrastination, followed by the feeling of not having enough assets, and a fact that it’s too expensive to set up.
Even as you work through your grief, there are some important financial tasks to take care of along the way. Here is a framework to use as a starting point.
Probate can be a long, arduous, and costly process—especially in states that aren’t considered probate-friendly. Enter a workaround that is being used by an increasing number of people: revocable living trusts.
