What is Estate Planning?
For every beginning, there is, unfortunately, an ending. When that happens, you will want to control what and where your life’s work ends up. This is estate planning, the way to direct your estate to the people and organizations you care about most. Estate planning will save you and your family money that would otherwise be paid in taxes, legal fees, and court costs.
It is not just for “retired” people. None of us can accurately predict how much time we have left here, illness or accident can plague anyone. With necessary estate planning documents, you will be able to secure a better life for your family when you cannot. It is not just for the “wealthy”. Regardless of your income, you must secure your estate. Often it is the families that have the least that can lose the most.
Too many people do not have a plan.
Individuals put off estate planning because they think they don’t own enough, they’re not old enough, they’re busy, think they have plenty of time, they’re confused and don’t know who can help them, or they just don’t want to think it. Then, when something happens to them, their families have to pick up the pieces.
What happens to my estate when I pass away?
If you don’t have a plan, the state decides for you
Through accident or old age you may reach a point of Disability where you cannot conduct business due to a mental or physical inability. At this point, if your name is on any assets a court will appoint someone to manage those assets for you. Your family will be powerless as to the decisions the court makes regarding how your assets are used to care for you. This conservatorship or guardianship can be expensive and potentially open to the public and is difficult to end or protect your estate.
At your Death without and estate plan, your assets will be handed out according to local state laws, each of your immediate family members receiving a share that may leave your spouse with only a small portion of your estate and not enough to live on. If you have minor children and both parents should die, the court will appoint a guardian, who you did not choose and may have control over your assets that should have gone to your children.
you have the choice.
You are given the choice to protect your family. Take steps today to ensure your decisions are held up after you leave. You have control of who receives what and when, and if you have young children, wouldn’t you prefer to have a say in who will raise them when you can’t.
