There are several ways to maximize the amount of money and property ultimately available for your heirs or beneficiaries:

• • Carry enough life insurance so that your trustee or executor has sufficient cash to quickly pay off any creditor claims at your death.
  • Use non-probate methods for distributing your assets such as trusts and, when appropriate, beneficiary designations.
  • Either alone or with the help of your attorney, write out a clear set of instructions to those who will be in charge of your final affairs so that they know exactly who your creditors are, which estate documents are the most recent, and who they should contact upon your passing.
  • Talk to your loved ones beforehand to make sure they know what to expect when you die and what your expectations are of them. 
  • Work to resolve disputes between loved ones while you are still alive rather than leaving things to chance during the winding down of your affairs and administration of your estate or trust.
  • Clearly specify in your legal documents who will get what so that it is crystal clear to everyone.
  • Consider making funeral arrangements and purchasing a prepaid funeral plan before you die.
  • Work closely with your attorney to make sure your trust is funded properly and that your other estate planning documents are up to date and clearly reflect your wishes.

The effort that you put into planning your estate today can have a significant impact on how much of your money and property end up in the hands of your heirs or beneficiaries. Still, it is important to properly set expectations for your beneficiaries. Not all expenses can be avoided, and loved ones need to understand that mentally spending money that they may never receive can be, at best disappointing, and at worst, financially disastrous. We are here to assist you and your family as you have discussions about the expenses of probate or trust administration and proposed inheritances.

At Marvel Law, we are here to help serve you with purpose.  Click here to email us or call us at 309-807-2885 for your FREE 15-minute consultation.  Due to CDC guidelines, we are offering FREE 15-minute video conference consultations.  To take advantage of the video conferencing ability, please email us to set up a time.