A hurricane can impact any of us during hurricane season. In reality, a disaster can hit us all at any point in time. It’s important that we have an estate plan ready in the case of a disaster, because that is just it, a disaster. We can’t and don’t know when and if they’ll hit, so all we can do is be prepared. Part of that preparing is having an estate plan in our hurricane kit.
It’s important to remember that trusts avoid probate. So in a case like this, by creating a trust, should the unimaginable happen, by having a knowledgable estate planning attorney create a trust for you ahead of time, you can have everything spelled out prior to any disaster hitting.
To avoid probate, a trust can establish control for things like:
- Life Insurance Policies
- Bank Accounts
- Minor Children
It’s also important to remember that probate costs money. You’re paying for court fees, attorneys fees, accounting fees, appraisal and business valuation fees, and miscellaneous fees which could be homeowners insurance and other items.
The court also has control when your estate gets handed over to probate. This means that without a trust, everything has to be approved by the court. This means if your children are minors, all their expenses must be approved, including which attorney represents them. Any expenses for sports, medical bills. And if it isn’t hard enough to raise a child, imagine waiting for expenses to be approved through a court!
By preparing ahead of time, should a disaster hit, you’re all set if something bad should happen. This is why an estate plan should be part of your hurricane kit. If one did hit, it’ll take time to recover from the hurricane itself, it’s better to make an estate plan ahead of time so there are plans in place to take care of your loved ones in any event. Contact the experienced attorneys here at Wood, Seitl, and Anderson for your estate planning needs today.