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WITH A PLAN
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WITHOUT A PLAN
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| 1. |
You decide who receives a share of your assets.
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State laws determine who inherits your assets & #151; they could pass to an estranged relative.
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| 2. |
You decide how and when your beneficiaries will receive their inheritance.
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The terms and timing are set by law.
Your children could be left unfettered control of a sizable estate.
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| 3. |
You decide who will manage your estate (executor, trustee, etc.)
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The court appoints an administrator whose ideas may not be compatible with your own.
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| 4. |
You can reduce estate taxes and administrative expenses.
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Costs are usually greater, due to required administrative expenses and unnecessary taxes.
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You select a guardian for your child.
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The court appoints a guardian for your child.
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| 6. |
You can provide for the orderly continuance or sale of a family business.
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Financial loss and family hardships may result from an untimely, forced sale.
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