Covenant elder estate planning – Estate Planning – You’re Never Too Young
February 8th, 2008
Ronald E. Hudkins, U.S. Army, SFC, Military Police Corps. (Retired) and President of American Industry Maintenance (AIM), LLC at AssetProtectNow.com addresses the importance of estate planning regardless of age.
Young people just starting out in life may think that estate planning is not a high priority. However, according to a leading expert in the field, it’s never too early to consider how vital this step is to prudent financial planning. Ronald Hudkins of AssetProtectNow.com offers advice on the subject.
“When just starting out, perhaps there are more worries about the immediate needs,” Hudkins said. “Eventually, goals blossom into actually preparing for the future and a comfortable living standard. The idea of immortality is more the thought than any possibility of death. With the longer life spans enjoyed in these modern days, there just may be some benign measure of reality there. However, writing a will is not just a concern for seniors, the young and everyone in between; it is a legal matter, which must be an important part of financial planning.”
The state probate process is one solid reason to complete a will, according to Hudkins. In rough terms, as much as 6% of an individual’s total (gross) assets (or more) go to probate fees and associated costs.
“The last thing someone would want to do is lose control of their assets to the court system,” Hudkins said. “Unfortunately, putting off what you know needs to be done now – planning and implementing an estate plan – could result in just that.”
Asset distribution laws vary from state-to-state, but generally a married person’s possessions go first to the spouse and children, should there be any.
“If you are single, then most often your possessions would be passed to your parents, if they are still alive,” Hudkins said. “Should your parents be deceased, then the order of succession is usually to the siblings (brothers, sisters), then to other living family (relatives) and finally, to the state. The state is highly capable of absorbing and liquidating assets.
“By no means is it being said that various wills are the answer to a complete estate plan. A will alone, specifically will not control who gets
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