Originally published at GOBankingRates. Read the full article here! https://www.nasdaq.com/articles/passing-generational-wealth:-7-ways-to-make-sure-your-assets-go-where-you-want
Planning for the future can feel like a daunting task, especially when it comes to where your money should go. You want to ensure your loved ones will be taken care of long after you’re gone, but knowing which steps to take can feel like a slippery slope. Still, it’s not something you should hesitate on, experts say.
Put Your Home in a Trust
“As a Realtor, I see too many people lose generational wealth because they didn’t set up their assets correctly,” said Sammy Lyon, associate broker at Dow Capital. “The No. 1 thing you can do is put your home in a trust.”
According to Lyon, even if you have a will, you need a trust to avoid probate, which will suck the remaining assets with court fees and a long, drawn-out legal process that is public record.
“With a trust, everything can be handled privately,” he said, “and, though you have the upfront cost of creating it, you save the back-end cost of statutory probate fees — not to mention any family fighting. The probate sales on the market should have stayed in the family, not sold for cheap.”
Originally published at GOBankingRates. Read the full article here! https://www.nasdaq.com/articles/passing-generational-wealth:-7-ways-to-make-sure-your-assets-go-where-you-want