The TreeceCo Report
Over the next few weeks our newsletter will be about Estate Planning. You may say "I have no idea what that is" or "I am young, I do not need to worry about that now." To the first, that's great. Over the next few weeks, we hope to help educate you about Estate Planning. If you are young and do not see the need yet, life has a funny way of throwing curveballs at us. It is better to have knowledge before we need it than to acquire it after the fact.
When we pass away there are a couple of options for how our estate or our belongings can be distributed. If you have not prepared for this, typically your estate will go through what is called probate.
Probate is an arduous process that the state that you reside in will require your executor and heirs to go through. An executor is typically the person you have appointed to oversee your request after you pass away. If you have not appointed someone, anyone can petition the court to be appointed as your "personal representative" after your death.
What we will focus on today is the fact that you and your family have no privacy when your estate goes through probate. Understandably, our tolerance in losing privacy has increased over the last decade, but many people do not want their deceased loved one's personal finances known to the general public, even if they are dead.
Your net worth, your debts, any kind of financial business you had going, and what exactly you owned. The indiscriminate state shows no favor, and the IRS wants every dime it can get.
By properly developing an Estate Plan you can control your estate from your grave. Your wishes are executed and you can have peace of mind knowing that your children or loved ones are not going through the arduous process of probate that can take years to complete. After all, when was the last time the IRS got in a hurry to do anything besides cashing our tax bill checks?
So why is probate so bad?
It is expensive. When an attorney's time clock starts ticking, the money and possessions you left your loved ones start disappearing. While a quality Estate Plan will cost more than a "will" it will pay for itself.
The state requires paperwork only an attorney can produce. You have two options: you can pay a nominal fee while you are still living, or you can let your executor deal with the headache and pay your bills after you pass away.
As a Christian I believe as Proverbs 13:22 states, "a good man leaves an inheritance." We believe part of that is preparing your inheritance as well.
If you have questions or concerns about Estate Planning, call our office at 855.534.4653 or email info@TreeceCo.com. Also on May 15th I will be conducting an Estate Planning seminar. Call our office to RSVP.
Questions? Call 855.534.4653 or Email info@TreeceCo.com
All legal advice will be directed to licensed professionals who are appointed to practice law in the applicable state. Tony Treece is a fee based financial advisor who is also a Certified Estate Planner (CEP). Tony Treece has a fiduciary obligation to put all client interest first. He is not an attorney and will not give legal advice.