Estate Planning with Legacy Assurance Plan
It’s important to understand that the term Estate Planning is universal in its meaning. It literally has various meanings to different people based on unique circumstances or experiences. Nonetheless, at its most basic, estate planning involves the process of planning for one’s incapacity and/or eventual death. But don’t be fooled, estate planning involves much more than just having a will. A will is simply not enough to protect you from the legal processes of probate, guardianship and Medicaid qualification.
Today there are a multitude of legal instruments and tools that can be used for estate planning: wills, living wills, powers of attorney, trusts, deeds and beneficiary designations, to name a few. When you create a plan with Legacy Assurance Plan, you get to decide the best way to carry out your legacy.
Last Will & Testament
Nationwide, approximately 60-70% of Americans have no estate plan. No last will and testament, no trust, no legal documents whatsoever. If you are one of the 30-40% that have an estate plan, chances are you have only a simple Last Will and Testament. You probably also think that’s sufficient for your situation. However, is it?
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Estate Planning: 5 Important Questions
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Question 1 of 5
A will protects you from the legal process of probate.Correct
A simple will CANNOT protect you from the legal process of probate, guardianship or Medicaid if you need nursing home care.
Question 2 of 5
Court costs, attorney’s fees and other probate expenses can consume how much of your entire estate?Correct
Question 3 of 5
The probate process is always private, thus protecting your financial information from the public.Correct
The process of probate is completely open to the public.
Question 4 of 5
What percentage of Americans DON’T have an estate plan?Correct
Question 5 of 5
What is the typical timeframe for the probate process?Correct
During this time all your assets are frozen thus preventing your heirs from your inheritance.Incorrect
The process can take 1+ years. During this time all your assets are frozen thus preventing your heirs from your inheritance.
Learn more about Estate Planning