Over 50% of our adult population (120 million adults) neither have nor realize the significance of having an up-to-date estate plan to protect themselves and their family’s assets.
Mountain Times’ recent article entitled “Do you need an estate plan?” explains that estate and gift planning is a process that can protect you and your family. It is a very important component of your overall financial planning. This is the perfect time to put your estate in order. If you don’t have an up-to-date plan and you are seriously ill or injured and can’t manage your financial affairs, a judge will have to appoint someone to manage them for you. The person they appoint might not be the one you would want to perform those tasks.
Without an estate plan, when you pass, your affairs will be settled by the probate laws of the state. As a result, the handling of your affairs can be costly and frustrating for your family.
Your assets may also not pass to your desired beneficiaries. In addition, there’s no way for your assets to be donated to your favorite charities or causes, unless some advance arrangements are made.
Sit down with an experienced estate planning attorney to discuss your goals and objectives. Your attorney can then draft the appropriate legal documents, such as wills, trusts, buy-sell agreements for business owners, durable powers of attorney for financial management and an advance healthcare directive or health-care power of attorney. These documents will help your family at a very difficult and emotional time.
Regardless of the extent of your net worth, estate planning is important for everyone.
Complex strategies may be used by wealthy people to reduce death taxes and costs. However, everyone needs a will and/or trust to pass on property to their heirs and provide for minor children.
The time to create or update your estate plan is now with the help of an experienced estate planning attorney.
Reference: Mountain Times (Oct. 6, 2021) “Do you need an estate plan?”