Protection also involves the proper disbursement of your client's assets upon death. Studies show they are not prepared:
While a will is a good starting point, living trusts minimize or eliminate issues a will doesn't.
Probate - The typical probate costs can run 3 - 10% of the estate's value, and can take 6 - 24 months to settle. While in probate, no assets can be disbursed or sold. While trusts may not eliminate probate completely, it can reduce probate costs, and allow the heirs to sell and disburse items in the trust.
Contestability - Wills can be contested, allowing courts to determine your client's desires, not your client. Trusts eliminate contestability.
Public Records - Probate makes everything available to the public. A trust shelter's everything in it from public record.
Guardianship of Minor Children - Generally, your client knows who they want to raise their children, if their untimely death occurred. With a will, guardianship is open to contestability.
Special Needs - Your client may be responsible for the care of someone with special needs. A special needs rider of a trust can guarantee the meeting of those needs, the way your client desires.
Estate Taxes - You may have clients who are using a life insurance policy death benefit to pay for any estate taxes. They need that policy in an irrevocable life insurance trust (ILIT). If the policy is not in a trust, the death benefit is tax free, but it is added to the estate for estate tax calculation. An ILIT takes the death benefit out of the value of the estate.
NMP has partnered with Heritage Living Trust, to allow you to offer your clients access to high quality trusts, at affordable prices. Heritage has been in business since 1989. They are A+ rated with the BBB, and have never had a customer complaint. For more information, visit their site by clicking the link below.
Visit them at: www.heritagelivingtrust.com