Protecting Your ISH
Before the Hustle is Home.
So let’s talk about it….
As mamas the first business at hand we must establish, stabilize and setup for success is HOME.
Home is where our legacy is – we hustle, we build, we grow - For What Purpose?
The Purpose is our children – their future – our future. To often we think about the matters after the death of a loved one has occurred or some major life event has occurred where we are in emergency mode.
Let’s get ahead of this mamas! I too had to take a step back to review “HOME”.
Remember failing to plan is planning to fail – this is so to the point with estate planning
An estate plan begins with the intent of want to establish generational wealth and protection.
So the 1st stop is a will or living trust. A will provides your wishes and directions on how to manage your assets. Any assets titled in your name or directed by your will must go through your state’s probate process before they can be distributed to your heirs. Jointly owned property and assets does not require probate but depending who is the joint person is it can still be complicated.
The interesting fact about a will is that it does not nor can not avoid probate.
What happens if you have property in multiples states then that multiples probates in each state according to that states’ laws.
The process varies greatly from state to state, but it can become expensive with legal fees, executor fees, and court costs. It can take several months to several years. In short, the court system and your state’s laws, not your family, controls the process.
There a pros and cons to will and this is the reason why revocable living trust is preferred
Estate planning will help you organize your records and correct inaccurate documentation and beneficiary designations. Would your family know where to find your ISH – property, financial records, titles, and insurance policies if something happened to you?
Start now with an estate planning does not have to be expensive but will become expensive if you don’t plan accordingly. You can start where you are in your current budget - that may mean anything ranging from a will to powers of attorney for your assets and health care decisions. Then, let your planning develop and expand as your needs change or your financial situation improves.
Ok Mama! Don’t DYI this in order to save money.
Join Nicole Slaughter and I will be able to provide critical guidance and peace of mind that your documents are prepared properly.
The best time to plan your estate is now!! Why wait?
Join us for upcoming workshop on March 15th
Register @ www.mamahustleco.eventbrite.com