Estate Planning, Made Easy

What is Estate Planning?*

 No matter how large or small, nearly everyone has an “estate” which consists of everything you own: your car, home, other real estate, checking and savings accounts, investment accounts, retirement accounts, life insurance, annuities, furniture, personal possessions. In addition to all your “stuff”, one should also plan for their incapacity as well as appoint guardians for minor children.

A comprehensive estate plan should address the following issues:

• Making a plan in advance for the who, what and when with respect to leaving your “estate” assets
• include instructions for your care and financial affairs if you become incapacitated before you die
• include arrangements for disability income insurance to replace your income if you cannot work due to illness or injury, long-term care insurance to help pay for your care in case of an extended illness or injury, and life insurance to provide for your family at your death
• provide for the transfer of your business at your retirement, disability, incapacity, or death
• name a guardian for your minor children’s care and inheritance
• provide for family members with special needs without disqualifying them from government benefits
• provide for loved ones who might be irresponsible with money or who may need protection from creditors or in the event of divorce
• minimize taxes, court costs, and unnecessary legal fees, which may include funding assets into a living trust, completing or updating beneficiary designations, or otherwise aligning your assets with your estate plan

Although initially planning for your estate requires taking a snapshot of a  moment in time, estate planning should be an ongoing process and not a one-time event. As your family and financial circumstances change over time, you should review and update your plan accordingly.

Everyone Should Have an Estate Plan

Contrary to popular belief, estate planning is not just for retirees or the wealthy.  Accidents and other life changing events  beyond our control happen to people of all ages and means.

As a matter of fact, good estate planning is often more impactful for families with modest assets because the loss of time and funds as a result of poor estate planning is more detrimental.

Many People Mistakenly Do Not Plan

For various reasons (and these are numerous), many people delay or simply never engage in any estate planning. Then when something happens to them, their families have to pick up the pieces.  Although you will not be around to deal with the consequences, not having an estate plan in place creates additional, unnecessary stress on family and loved ones.