How Effective Planning Means Peace Of Mind Now And In The Years To Come
Why Create An Estate Plan?
I think that many people have a misconception as to what an “estate” is. Put simply, an estate is everything you own. This includes your home, car, art, equipment, jewelry, and checking, savings and retirement accounts. So, it’s important to document how you want these assets distributed after your death.
What Are The Benefits Of A Will?
- A will is an important part of estate planning. Besides noting “who gets what,” it also serves to tell the court and your family who you would like to be the guardian of your children should both you and the other parent die.
- A will can also contain a power of attorney. This designates a person to handle your finances in the event that you are unable to. This duty may be temporary or long term.
- A will can also designate a health care proxy. This is the person you trust to follow your wishes should you be incapacitated and need medical services.
- A will can also detail how you would like any charitable donations to be handled.
- You can designate someone you trust to be the executor of your estate. This person will see to it that things end up in the right hands, that all of your bills are paid, including your taxes, and that all the required paperwork is filed.
A will is a document that is fluid. You can make changes to it whenever you need to or when a life event dictates a change, such as a marriage, divorce, birth or adoption of a child or other event. As your attorney, I will be here to advise you and make any updates you need.
Who Should Create A Trust?
A trust is another estate planning tool. A trust is a way to protect assets, such as investments, a house, or other real estate or property. Having your assets in a trust may have tax benefits and may prevent your estate from having to go through the state’s probate process. There are several types of trusts, and each serves a different purpose. There is even a trust that is for children who have special needs.
Other Accounts That Are Part Of An Estate Plan
You may have accounts that need a named beneficiary so that they are exempt from probate. These can be bank accounts, life insurance policies, annuities and retirement accounts such as IRAs. I will go through your accounts with you and ensure that you have them set up the way you want.
Find Out More In A Free, No-Obligation Chat
You most likely have questions as to how long these processes take and how much they cost. You may want to find out more about getting a will, trust or another estate planning guidance. I offer a free consultation so that you can get your questions answered without spending anything more than about 30 minutes of your time. Call 618-614-6067 or send me an email with a question or two and I will get in touch with you with answers.