Aretha Franklin’s handwritten will, which was found in her couch cushions after her death, is a reminder of the importance of having an up-to-date estate plan. A will is a legal document that specifies how your assets will be distributed after your death. However, a will can be easily lost, destroyed, or challenged and it is not always clear who has access to it.
In Franklin’s case, her will was not even found until five months after her death. This led to a dispute among her four sons over who should inherit her estate.The will was written in 2010 and one son claimed that there was a newer version out there somewhere. The dispute was eventually settled in court, but it could have been avoided if Franklin had simply kept her will in a safe place and made sure that her family knew about it.
Another problem with wills is that they must go through probate court, which can be a lengthy and expensive process. A trust, on the other hand, is a legal document that allows you to manage your assets during your lifetime and after your death. Trusts bypass probate, which can save your family time, money, and unnecessary disputes.
In addition to being up-to-date, your estate plan should also be in a digital format. This will make it easy for your family to access and understand your wishes. You can also use a digital platform to create a living trust, which is a type of trust that can be used to manage your assets during your lifetime and after your death.
Here are some additional benefits of using a trust instead of a will:
- A will takes effect when you die, a trust is effective immediately while you are alive
- A trust can protect your assets from creditors and lawsuits.
- A trust can provide for the care of your minor children or disabled adults.
Why GetDynasty is the best platform to create your estate plan:
- GetDynasty is a free platform that allows you to create a living trust in minutes.
- Your trust will be stored securely in the cloud and your family will have access to it 24/7.
- GetDynasty uses modern day technology to encrypt your trust with military grade protection.
If you are looking for a simple and affordable way to create a trust, GetDynasty is the best platform for you. With GetDynasty, you can create a living trust in minutes and ensure that your wishes are carried out after your death.
To get started, simply visit GetDynasty.com or create a free account.