It is so important to have your will and trust in place, especially if you own a business.
Although we hate thinking about it… if something happens to any of us and we don’t have these necessary documents in place, it is our loved ones who are left picking up the pieces. It is so much better to have everything completed in writing NOW. We at Gold Standard Tax have access to our clients sensitive financial information – and it would help us HELP YOU and your loved ones if your wishes are in writing.
There are many other reasons to have your will and trust completed. Here are some top ones:
1.) YOU decide how your estate is distributed
If you die without having a will in place, there is no guarantee that your desires will be carried out. A legally-binding document ensures that security, and gives you peace of mind now.
2.) You can make gifts and donations
Not only will you be able to give, but donations up to a certain amount are excluded from estate taxes. So you also would be increasing the value for your beneficiaries to enjoy.
3.) You can change your mind if circumstances change
You can always change your will while you are still alive and as life changes occur.
4.) You decide who takes care of your children
If you do not have a will in place, the court will decide who takes care of your children.
5.) Help your loved ones
As mentioned on the outset, your family and friends will be left making huge decisions and deal with the stress if these things aren’t put into place.