The imminent transfer of $84 trillion in assets highlights the importance of estate planning for everyone, not just the wealthy. While many continue to rely on wills for inheritance, they can lead to lengthy and costly probate processes that delay inheritance and compromise privacy. A living trust is suggested as a more efficient alternative, as it avoids probate altogether, thus benefiting heirs by speeding up asset transfer and keeping details private. Seeking professional guidance is essential for effective estate planning.
In the next 20 years, an astounding $84 trillion in assets is set to change hands as older Americans leave their wealth behind to loved ones.
It's a misconception that estate planning is something that only rich people have to do. Even if you're of modest means, put thought into it.
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