What are the four important estate planning factors?
Well, you probably already know the answers to these, but the first one is to make an evaluation of where you are at this moment in your life. Second is talk to your spouse, to your life partner, and talk to your family about what they think you should do for your estate planning. And next, start to make a plan on what you want to happen.
Who do you want to take care of you?
If you were to become incapacitated, who do you want to take care of you? What do you want to happen to your assets if you're incapacitated? Who do you trust to make sure that if you are incapacitated, that you will be taken care of 100%. And lastly, what do you want to happen when you do pass away? Do you want your heirs to get your assets immediately, outright, as soon as you pass away or within a month or two? Or do you want that money and those assets to be sold over a certain amount of time to be distributed to your heirs? Over a certain amount of time?
What if you have children?
You have minor children. Then you might want to make sure that that money is held in trust for whoever is taking care of your kids. Right. You have a guardian for your children, but you also have a trustee who is taking care of the money and distributing a little bit of money every month or semiannually or annually. To that guardian to care for your children. You don't want your minor children to get 100,000 $200,000 or $1,000,000 when they're 15 years old.
Different arrangements for your children
But you want that money to be used to take care of them while they're minor. And then once they become adults, maybe you want a little bit more money to go to college. And then when they turn 30, maybe a little bit more and then when they're 35, maybe then they get all their money, or maybe you wait till they're 40 again. It's up to you 100% on how those distributions are made. But it's something you need to think about ahead of time. So you avoid problems of your children getting lump sums of money when they're probably too young to have that money.
Estate Planning Guide
I know I've thrown a lot at you today, so that's why we've prepared our free guide on estate planning. I'll put a link to it in the description below and in the comment section below that so that you can download it and get started in the right direction and to help you out even more. Watch this video up here and this video up here. If you enjoy this video, then guys please smash that subscribe button and click on the like button and also click on that little bell so you'll get notified every time we post a new video. Have a great day and an awesome week. And as always, thanks for watching.
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Cortes Law Firm
5801 Broadway Extension Hwy Suite 110
Oklahoma City, OK, 73118