Who Needs Estate Planning?
Estate planning isn't about how much money you have. It’s about protecting what you have—both for yourself while you’re alive and for your loved ones who should receive it after you’re gone. It ensures that what you have goes where you want it, the way you want, when you want.
If you were to die today, do you feel sure that everything will be taken care of the way you wanted? Estate planning means legally providing sufficient instructions to ensure that things will be handled the way you want them to be.
Estate Planning really is for everyone! It doesn’t matter if you have $40,000 or $400,000. You still have to plan for the future. Estate planning includes naming guardians for minor children or ensuring that your children (or anyone else) don’t burn through your assets if you unexpectedly die or become disabled.
Estate planning can only be done by attorneys, and it can be as simple as a Will, Health Care Documents, Living Will and Durable Power of Attorney. It can also be more extensive, including a revocable, probate-avoidance trust; asset protection trusts; multi-generational tax-saving trusts; tax-saving charitable trusts; private family foundations; and many other fact-specific strategies. It’s up to you!
Keeping your Estate Plan Current...
Once completed, your estate plan should be reviewed and kept current with life events such as the birth, death, marriage, or divorce of anyone included in your plan. In addition, you should review your plan if there is a significant increase or decrease in your finances or if the laws related to your estate plan change.