Wills and Trusts
Everyone should have an up-to-date Last Will and Testament to ensure that your belongings go to your desired beneficiaries. Many people believe that your belongings pass regardless of whether you have a will, but this is not the case in today's age. A person dying intestate (without a will) is at risk of having their estate incur significant taxes and even pass to beneficiaries that were never intended.
Also, dying intestate requires your family members to endure a long probate process where they may not see any of your property for at least two to three years. This is an unnecessary stress that can be avoided. That is why everyone should have a drafted will in place and update that will from time to time as familial or life situations change.
Estate Planning and Trust Laws differ from state to state, but below is some information that remains consistent in the majority of states.
YES, YOU CAN LOSE EVERYTHING!
You may think that your wealth is safe and that you don't need protection. But don't delude yourself and accept reality — for every 60 minutes you spend making money, spend 60 seconds thinking about how to protect it!