If you die without a will (intestate), the state where you reside will determine how your property will be distributed at your demise. If you do not know what will happen to your property, you are not prepared.
Estate planning is very important whether you own a little or a lot. A will outlines the wishes of the property owner for how his/her property is to be disposed or bequeathed at his/her death. The grantor may, for example, want to leave all property to spouse and then to children equally if the spouse predeceases the grantor. A representative or executor is named in the will to carry out the wishes of the grantor at his/her death. It is important to name someone you believe to be competent and trust worthy to carry out this role. Generally, a will either identifies beneficiaries to receive their portion as a lump sum, or it may have verbiage to place all or a portion of property in a trust.
A trust will also lay out the wishes of the grantor as to how and to whom assets are to be distributed. It may have provisional requirements that monies are to be given only for provision, health, and education. The trustee is appointed by the grantor to make decisions about the management and distribution of the trust assets. Again, care should be taken when appointing a trustee. You may see in a trust where the administrator and money manager are co-trustees. This enables the trust to have a personal or professional trustee to do either or both administration and investment management of the trust.
The above mentioned is very general and intentionally so. A financial advisor, tax professional, and legal professional should be consulted to help you make more informed decisions.
A trust fund baby is someone who is the beneficiary of a trust fund that provides for their needs. All who are in Christ Jesus are trust fund babies. Jesus died and rose again. He is the Executor/Trustee of the Father’s will. All that the Father owns is His. We are joint heirs /co-heirs with Christ. We have access to a limitless inheritance. The Administrator / Trustee is perfect in all His ways. He distributes according to the Father’s will to meet the needs of His children. If you are born again in to the family of God; If you are in Christ, then you have an inheritance that is out of this world! The Word tells us that our Father knows what we have need of before we ask. The Word tells us that He will supply all of our needs according to His riches in glory by Christ Jesus. Philippians 4:19. For our Father’s will, there is only one Trustee, one Administrator, and to receive our inheritance, we must submit our petitions to Him and we must lineup with our Father’s will.
If you do not have a personal relationship with our Savior, Jesus Christ, you are not prepared. I submit to you that today is a good day to prepare both for what you may leave behind and for where you are going.
…:for your Father knoweth what things ye have need of, before ye ask him. After this manner therefore pray ye: Our Father which art in heaven, Hallowed be thy name. Thy kingdom come, Thy will be done in earth, as it is in heaven. Give us this day our daily bread. And forgive us our debts, as we forgive our debtors. And lead us not into temptation, but deliver us from evil: For thine is the kingdom, and the power, and the glory, for ever. Amen. Matthew 6:8b-13 KJV