If you ask the typical layperson what he or she knows about estate planning in many cases the answer is going to be “Not a whole lot.”
Everyone is aware of the existence of a last will as a way to express your wishes regarding the distribution of your assets after you pass away. However, aside from that most people have not taken the time to learn much about estate planning.
However, when you do understand the facts you see a different picture. Simply drawing up a last will stating who will be inheriting your resources is not always the best choice.
You can transfer assets in other ways, and the creation of a living trust would be one of the options. With this device assets can get into the hands of your heirs outside of the process of probate, which can be intrusive, expensive, and time-consuming.
If you are interested in finding out how much you know about estate planning we invite you to take our estate planning IQ quiz. It is actually fun to take quizzes, and you will find out where you stand.
Plus, it is a learning experience because you will see the correct answers to questions that you may have gotten wrong when you view the results of your quiz.
Should you be interested in discussing things with an expert after you take the quiz we invite you to contact us to arrange for a free consultation. This can be done electronically by clicking this link and filling in the form that you see: Free Estate Planning Consultation