By Jeff Van Fleet
Nearly everyone can benefit from an estate plan. Your estate is comprised of everything you own – your home, vehicles, checking and savings accounts, life insurance, investments, and other personal possessions. No matter how large or small, everyone has an estate and something else in common – you can’t take it with you when you die.
Direct Your Benefits and Property to the Right Parties.
Without an estate plan in place, your family will get less and it will take them longer to get it. This means your loved ones will be left in limbo and might end up without enough money to pay bills and other living expenses. It’s not uncommon for families with an unexpected death to nearly fall apart due to the financial strain in the weeks, months, and years to come. Good estate planning will make sure that your family is provided for and not left to face financial ruin once you’re gone. An attorney with experience, such as those at our Firm, will also discuss with you the benefits and pitfalls of using other asset passing mechanisms such as a Trust.
See: Investopedia: Advanced Estate Planning: Using Trusts
Protect Your Children.
Without a plan your children could end up in protective services or with an estranged in-law. Nothing in life or death is more important than your children; speak from the grave and let one of our lawyers help you draft a plan of protection for your children.
See: Charles Schwab: Why you need an estate plan Now.
Our attorneys set up estate plans starting at $500.00. When you die without an estate plan, the courts are forced to handle everything: the distribution of your property, the guardianship of your children, and the dissolution of your business. This is known as “probate,” and it expensive — easily exceeding $10,000. That’s money your family and kids could’ve used for living expenses and other bills.
See: Investopedia: 4 Reasons Estate Planning Is So Important https://www.investopedia.com/articles/wealth-management/122915/4-reasons-estate-planning-so-important.asp
Don’t put your loved ones in the position of having to make difficult medical decisions on your behalf. Instead, complete a health care directive that specifically tells medical providers what treatment you do or do not desire when you are unable to speak on your own behalf.
See: US News: What Type of Estate and Tax Planning Do I Need to Do?
If you are a business owner, then you absolutely must have an estate plan. It’s one of the most important things you can do and is really not optional. Without one, your business will likely fall apart quickly and completely if something happens to you, and that can cause incredible financial hardship on your family. A proper plan ensures your business transition will move forward, even in your absence.
See: Entrepreneur: Estate Planning for an Owner-Dependent Business https://www.entrepreneur.com/article/181002
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The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.