Page 76 - Ultimate Guide to Estate Planning

Do I need a lawyer?
If you want to do it right, then you probably
should involve an attorney at some level. If you
do it wrong, who will your heirs have recourse

against? The court determines the rights and
the heirs will just have to live with a plan, that
you were so uncomfortable to begin with, that
you tried to opt out with a will or trust.

However, when somebody starts having assets

that are in excess of a couple hundred
thousand dollars, they should really be looking
at doing something the right way. The penalty
for failure to do it correctly allows for the state
of Minnesota to make the decisions for you. For

example, let’s assume you have one child are
unmarried and you have two hundred
thousand in life insurance and net worth,
equity in your home, savings in your account,
your 401K. However, that child is seventeen

and you don't have a will in place. If that child
receives the two hundred thousand with no
rules, two hundred thousand dollars is enough
to wreck a kid at eighteen. That's enough to be
a gateway into a lifestyle involving cocaine or

alcohol or just behavior that's not consistent
with what you want.

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