How is a trust different from a will?
There are several differences, but the main ones are:
- A trust avoids probate
- A will guarantees probate, and no one wants to go through probate
- A trust is difficult to contest
- A will is easy to contest
- A trust costs more to establish
- A will costs more when going through probate (could be around 5% of the estate value)
There are several others to add to this list, but this was a good starting point.
What is probate?
Probate is the legal process of transferring the title of an asset from one person to another.
It is the legal process an estate goes through when someone expires intestate (without a will) or with a will.
It can be a long process, depending on the courts, and is generally the time when families start fighting. It can also end up costing the estate large sums of money that would have otherwise gone to the beneficiaries.
No one wants to go through probate.
Is a trust public like a will?
Nope. A trust is 100% private, so no one will know your business.
Unlike a will, which is public and is basically like flashing everybody when you trip over the neighbor's tiny dog.
Can I make changes to my trust?
You sure can! Our trusts are digital, so you can log in to your trust from anywhere in the world and make updates in just a few seconds.
Do I have to be wealthy to have a trust?
If your wealth is measured in love, then yes. Because a trust will allow you to take care of those who mean the most to you, no matter what happens to you.
If you mean financial wealth, no. Trusts can be for anyone who wants to make sure they take care of their family.
If you own a home and have more than one child, a trust should be considered.
Aren't trusts complex?
They used to be, but not anymore.
They have become standardized and we guide our clients through the process every step of the way, so by the time you are done setting up your trust, you'll be an expert.
What do your clients like most about trusts?
Here's a list of what our clients like about our trusts...
- They are simple to set up
- They are quick to establish
- They are easy to fund (the most important part of having a trust)
- They offer beneficiary protection
- They have complete control of their trust and estate plan without having to call an attorney
- Our trusts work nationwide
- Access can be shared with whomever desired
Just to name a few.
How much life insurance should I have?
It really depends. Using an arbitrary process, such as multiplying your income by 10, is so impersonal and likely to fall short when you need it.
What does it depend on? You. What you want your life insurance to do. Preferably, it just sits there twiddling its thumbs until you're in your 90s. But, if something should happen sooner than expected, we want to make sure your family has the right amount their new life requires.
What kinds of life insurance does BHFG offer?
We have term life insurance and permanent life insurance.
Whatever your needs and goals are, we have a good fit for you.
We work with a bunch of different life insurance companies, so we can do the shopping for you.
Easy peasy.
How long does it take to get life insurance?
These days it can be quick. If you're needing term life insurance and are reasonably healthy, it could be a week or two.
If you need a smaller policy to cover some final arrangements, those can be done in a matter of days.
If you have had some health challenges then it will extend the process. Generally, you can expect to take between four to eight weeks.
Why that long? Well, if the insurance company needs to order medical records, then we have to wait for your doctor's office to send the records back to the insurance company. And well, doctor's offices generally aren't in a big hurry to send those records off, so we have to give them a little nudge from time to time.
