Estate Planning – Why You Need To Be Checking Your Plan

The rapid increase in home values has proven to be as good as lottery winnings for homeowners in many areas. But look out – old tricks may no longer fool anyone.

Give or take roughly 30 percent of American adults have a will or some form of an estate plan in place. Over the last decade this number has remained stable even though the number of other wills and trusts documents such as living wills have increased. The numbers among minorities without wills are higher than the general population, 68 percent for African Americans and 74 percent for Hispanics.

If you die without spouse, children or parents, but are survived by brothers and sisters, then your estate will be divided equally amongst those brothers and sisters.

Previous Clients: Ask your dealer about the clients he has served in the past. Check out for his referral client list. You can also give some calls to his previous clients to estimate his work.

If you were ever to reach the point where you couldn’t handle your own finances, who would you want put in charge of them? Some feel comfortable entrusting financial control to an estate trusts and wills or another professional in the field. Others want control handed over to a relative. This is up to you, but it is another important thing you need to think about. When you’re healthy and loving life, it seems nearly absurd to consider such an unlikely scenario. But it happens all the time. Make arrangements while you’re of sound mind.

Owning a home is not the ideal choice for everyone. There are many who simply do not want to be bothered with the amount of upkeep and added responsibility that is involved in owning a home. Others will continue to rent while they save up a substantial down payment toward a home purchase. Still others simply feel that buying a home is not an option because they cannot afford it. There are a number of things that can be done to clarify whether or not ownership is for you.

Have a support team. Not everyone has the support of their family and that’s why it is so important to have the right people that have the right information to help you build your financial empire. You should be the start quarterback of a team of professionals like an estate planning attorney, insurance broker, financial advisor and accountant. They should be loyal trusted members of the team that are fee based and are always looking out for your best interests.

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