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Do I Need an Estate Plan? The Answer is Yes!

Do I Need an Estate Plan? The Answer is Yes!

October 20, 2021

Estate Planning 101

Estate planning can be a tough conversation to navigate with yourself and your family. Some avoid the topic altogether. Having the conversation about what happens after you pass can be even more difficult to navigate alone. That’s where I come in. Together, we can create an estate plan and have any sit-down conversations with loved ones to help best prepare for unexpected situations. Additionally, proactively planning for estate taxes and leaving your loved ones with more of what you intended. 

Everyone has an estate.

The rich and wealthy are not the only people who need an estate plan. Everyone does. This goes for homeowners and renters, those who are retired and those who are working full-time, and everyone from every walk of life.

Everyone needs an estate plan.

Without your instructions, what happens to your estate once you’re no longer here can be decided in court. If you don't leave behind an estate plan, your family could face major legal issues and, potentially, bitter disputes. Your estate plan may include wills and trusts, life insurance, disability insurance, guidance on the care for children and other dependents, powers of attorney, a living will, medical directives, anatomical donation directives, a pre-or post-nuptial agreement, extended care insurance, charitable gifts, debts, passwords, digital assets, and more. Can’t you see now why this is essential?

Why not just a will?

While your will may state who your beneficiaries are, they may still have to seek a court order to have assets transferred from your name to theirs. Estate planning can include items like properly prepared and funded trusts, which could help your heirs to avoid probate. Probate can be an expensive process and lock up assets during the time they're needed most.

Beneficiary designations on qualified retirement plans and life insurance policies usually override bequests made in wills or trusts. Many people never review the beneficiary designations on their retirement plan accounts and insurance policies, and the estate planning consequences of this inattention can be harmful to those you leave behind. Having an estate plan means keeping the estate plan updated, as time passes, or changes happen in your family. Our firm is here to make these tough conversations and planning for the future easier on not only you but your loved ones. We strive to be your financial partner.

Where do you begin?

I recommend setting up a time to chat and together we can get started on a plan that will leave you and your loved ones feeling confident about the future.