Estate Planning is for Everyone
Do you think that estate planning is only for the extremely wealthy?
Do you think you are not old enough to worry about what happens after you are gone?
Are you comfortable with the court managing the distribution of your assets?
You may not have given it much thought or are avoiding the topic altogether because it seems overwhelming, but - Estate planning is for everyone.
Basically, estate planning is making a plan in advance and naming whom you want to receive the things you own after you die. No matter what your net worth, it is important to have a basic estate plan in place.
An estate plan contains:
A willIn a will, you state who you want to inherit your property and name a guardian for your young children should something happen to both parents.
Assignment of power of attorneyWith a power of attorney, you can give a trust person authority to handle your finances and property if you become incapacitated and unable to handle your own affairs.
A living will or health-care proxy (medical power of attorney)Writing out your wishes for health care can protect you if you become unable to make medical decisions for yourself.
A trustIf you hold your property in a living trust, then your survivors won’t have to go through probate court, which can be a time-consuming and expensive process.
Discussing your estate plans with your family may also help prevent disputes or confusions. Inheritances can be a loaded issue. By being clear about your intentions, you help dispel potential conflicts after you are gone. The best benefit to the process is your peace of mind. Making sure you have a properly prepared plan in place will give you and your family piece of mind.
This is one of the best things you can do for those you love. For more in-depth information about estate planning, contact one of our experienced attorneys. You can also learn more at estateplanning.com.