Estate Planning
Who Needs an Estate Plan?
If you are reading this, you need an estate plan. Why? The short answer is that everyone age 18 and older needs an estate plan. It does not matter whether you are old or young, have built up considerable wealth or are just entering adulthood—you need a written plan to control what happens to the things you own and to protect yourself and those you love.
What Is an Estate Plan?
Planning for Death
Your estate consists of everything you own—including your car, home, bank accounts, investments, life insurance, furniture, and personal belongings. No matter the size of your estate, you cannot take it with you when you die, and you probably want certain people to receive certain things you own.
To ensure that your wishes are carried out, you need to provide written instructions stating who will receive your assets and belongings, what you want them to receive, and when they are to receive it—that is the essence of an estate plan. If you have young children, you also need to name someone to raise them in your place and manage their inheritance in the event that both parents are unable to do so.
Lifetime Incapacity Planning
A properly prepared estate plan will also contain instructions regarding your care (and the management of your assets) if you become unable to manage your affairs (sometimes referred to as being incapacitated) even for a short time due to illness or injury. Without the proper tools in place, your family will have to ask the court to appoint someone to manage your finances and medical care and for permission to use your assets to care for you. When relying on the court to make these determinations, the process is outside of your and your loved ones’ control, takes time, and can incur significant legal fees and costs, making an already stressful situation even more difficult for your loved ones. Depending on your family dynamic, this process can also be contentious if your family disagrees about who should manage your affairs or what the proper course of action for your care should be. Not only does this infighting threaten family harmony, it may also become a matter of public record, as most documents related to these types of proceedings will be available to anyone who requests them and pays a fee.
It might be surprising, but having a plan in place can often have a more significant benefit for families with modest means because they may be unable to afford the court costs and legal fees associated with the court process known as probate.
What You Need to Know
Do not try to create an estate plan without the assistance of a professional. An experienced estate planning attorney who is familiar with the laws in your state can guide you in making difficult decisions such as who will raise your children and manage your affairs if you cannot. An experienced attorney will also know how to craft the appropriate estate planning tools so that your wishes are carried out.
We are here to help!
If you are ready to take control of your life and the legacy you leave behind for your loved ones, call or email our office now to schedule an estate planning consultation appointment. We make tough topics manageable to discuss. We can also craft a plan that addresses what you value most and protects you and those you care about.