ESTATE PLANNING NEWS & ARTICLES
3 Ways to Estate Plan Like a Royal
- Whatever the size of your “kingdom,” you’ll most likely need to have an estate plan. In Arizona, if you own personal property (including cars, jewelry, furniture, heirlooms, etc.) that is worth more than $75,000 – or real estate with more than $100,000 in equity, your estate will go to probate. But with a proper plan, this can easily be avoided.
- Royals avoid discussing money in public. Therefore, avoiding probate is key, as it is a public process and the information is available to anyone. Also, if you decide to have a family meeting to discuss the estate plan, in most cases no specific financial information or values of assets needs to be disclosed.
- The Royal Family has a set succession plan for who becomes King and/or Queen and the monarchy (i.e. family business). You too should have a plan in place for your family to protect them and provide for them when you are gone. The royal family works with advisors to be sure they are considering every member and making the best choices for the family’s future. You should also do the same. But unlike the Royal Family – when you work with Seiter Law, your estate plan won’t cost a King’s Ransom!