ESTATE PLANNING
If you think your assets are too small to require an estate plan, you may want to reconsider. Having an estate plan makes good sense from a variety of perspectives. An estate plan can:
- ensure that assets are distributed according to your wishes
- help minimize estate taxes and court costs and improve the distribution to beneficiaries
- protect your young children or grandchildren from receiving a large sum of money without any planning or direction. You can also decide whether to nominate a guardian for your child, in the event that neither you nor the child’s other parent is able to care for them due to an untimely death
- allow you to choose an executor whom you trust, who knows your wishes, knows your family, and has knowledge of the contents of your estate, rather than a court-appointed executor
- allow your business to continue after your death with a successor of your choosing, thereby reducing the chance of a forced sale
A Will may not be Adequate
Many individuals are under the impression that a will is a sufficient means of estate planning. Having a will is a great first step, but alone, it may be legally insufficient to facilitate the attainment of all your estate planning goals and objectives. An estate plan should include:
- a valid, up-to-date will
- a durable power of attorney
- a living will or health care proxy
- instructions to your executor regarding the disposition of your assets, as well as other requests
- an inventory of your estate
- life insurance to provide cash to your survivors to help fund the payment of debts and estate taxes
Additionally, you may want to consider a trust, depending on the size of the estate and your particular goals. If you have a basic estate plan, then you’re in better shape than the majority of Americans.
Financial Consultation
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