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July 2014 | Read this issue and more at www.healthandwellnessmagazine.net |
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Your Three
Options in Estate Planning
by Walter C. Cox, Jr. Attorney
An Estate doesn’t have to be
in the millions. However, it does
include your home, autos, stocks,
bank account, personal collections
and furniture. Make sure you have
created the necessary documents
to avoid the problems which occur
without a plan.
Most people die
without an estate
plan.
The State Law dictates how an
estate is divided. First to spouse and
children, then if none to parents, if
none to brothers and sisters, if none
to uncles and aunts and if none to
nieces and nephews.
If none of these are the way you
want your estate divided, then make
an estate plan.
If you wait too long,
you cannot plan
your estate if you
are mentally
incapable.
As an estate planning lawyer, I see
many situations where clients are
unable to plan their state because
of incompetency or otherwise.
Therefore, it is important that an
Estate Plan be implemented as early
in life as possible.
Revocable Living
Trusts are the BEST
Estate Plan.
Trusts are easy for the beneficiaries behalf, since no court action
is necessary. A Trust does not die
when the Grantor dies, and contin-
ues as long as is necessary for the
beneficiaries who may be infants.
Infants need to see that someone
properly invests your money on
their behalf. They may be children,
grandchildren, nieces or nephews,
but the money left to them needs
proper safekeeping and investing on
their behalf. Usually most Trustors
want the money held until the child
is at least 25 years of age with the
power to provide for their health,
welfare and education. Even though
you may think that there is no child
in your estate plan, if the persons
(your children) die before you die,
their children may inherit their portion of your estate and be under age.
Successor Trustees that you
appoint in your Trust are also
appointed to take personal care of
you, the Trustors, if and when you
become incapacitated either mentally or physically. This also avoids
asking the Court to appoint someone who you might not approve.
Therefore, the Trust operates as
soon as you sign it, whereas a will
only takes effect after death of the
person executing the will. It would
be reasonable to assume, then, that a
REVOCABLE LIVING TURST is
the best Estate Plan available.
www.waltercoxlaw.com
WILL vs.is the Best Option
TRUST
Why a Living Trust
Have a Trust (No Probate)
Have a Will (Probate)
A Living Trust is the fail proof way to pass
along your estate to your heirs without
lawyers, courts or the probate system.
Probate is the system that removes the name of a
deceased person from the assets.
• All claims, real or imagined, must be settled to
the court’s satisfaction
• Probate takes time . . . many months or even
years
• Probate costs money . . . 4% to 8% of the
estate value is not uncommon
• Probate is public record
• A will is of no help if you become
incapacitated
Please call 859-514-6033 or fill out this form for a FREE consultation in our office:
Name
Address
City, State, Zip
Phone
Age
• Be in total control for as long as you
live and are competent
• Eliminate court interference if you
become incapacitated
• Administer your estate yourself before
you die.
• Let your children do final settlement
without cost or delay
• Keep everything private and reduce
excess taxes
There is NO CHARGE nor OBLIGATION to see
what option is right for YOU!
Please fill out form (left) and mail to address below:
The Law Offices of Attorney Walter C. Cox Jr.
2333 Alexandria Dr., Lexington, KY 40504
www.waltercoxlaw.com
[email protected]
County
Spouse’s Age
Atty. Walter C. Cox, Jr.
(aarp) endorses LIVING TRUSTS • (smart money magazine) endorses LIVING TRUSTS
®
Rated AV by Martindale Hubbell for 30 years.