7 Steps to Creating an Estate Plan For Life

estate plan

Many people fail to create an estate plan because they don’t truly understand what is involved and therefore believe it is too complicated. But the real truth is that creating an estate plan during your lifetime is far less complicated (and less expensive) than what your family will deal with after you are gone, if you don’t:

1. Create a Trust. When most people think of preparing for the end of life, they think of writing a Will. But having a Will without a Trust is a fast track to putting your family in the Courthouse after you’re gone. Instead, to keep your family out of Court, you’ll want to set up a Trust and title all of your assets to be owned by that Trust. While it might feel like a lot of effort up front, it will save your family a LOT of trouble after you’re gone, and it only takes a couple of days to gather the necessary statements and financial information. Plus, a lot of my clients have stated that putting all their financial information in once place that was easily accessible was something that had been on their “to-do list” anyways!

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Eminent Domain – What Does it Mean?

eminent domainEminent domain, broadly understood, is the government’s right to take private property for public use, even without the owner’s consent.

The most common uses of property taken by eminent domain are public facilities, highways and railroads.

As of public use, it means:

  • available to the entire public
  • needs of society (schools, hospitals, highways)

Nowadays, the meaning of public use is beginning to be broadened to public benefit, which means that property may be transferred to a private owner for the purpose of economic development, which in its turn can create new jobs, revitalize a depressed urban area, thereby it can be qualified as a public use.

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