Do I Need an Estate Plan?
When You Hear the Term “Estate Planning”, Do You Think:
- “I don’t need an estate plan because I don’t have very much,”
- “My wishes are simple, I can just jot down what I need,”
- “I know someone who said they used a Will template off the Internet and said it was great,”
- “Why should I care about estate planning since I’m going to be dead anyway?”
- Or perhaps you just want to avoid the topic altogether.
If you relate to any of these thoughts, you are not alone.
Why are These Thoughts Risky?
You do not have to own a large vista on the hills overlooking the Pacific Ocean to have an estate. An estate is simply a term to describe everything you own - your money, property, and personal belongings are all part of your estate. An Estate Plan helps you determine what will happen to these things once you are no longer able.
However, a complete Estate Plan goes far beyond dispersion of your assets and belongings. An effective Estate Plan also includes areas such as caring for your family, making health care decisions, avoiding probate and estate taxes, protecting your assets, and addressing specific concerns for distributions.
Questions that may arise during a comprehensive Estate Planning meeting are:
- Who will care for your minor children? Is there anyone you do not want caring for your children?
- Do you want the same person who is caring for your children in charge of your assets for your children or should you appoint a trustee?
- How can you make sure your youngest child is provided for in the same manner as your oldest?
- How can your special needs child or dependent be cared for?
- Who should make healthcare decisions for you if you are unable?
- What types of healthcare interventions do you want?
Estate Taxes and Probate:
- How can you avoid or minimize your estate taxes?
- How can you avoid having your estate go through probate - which can be a time-consuming and costly process?
- What is the best way to ensure that your property doesn’t fall into the hands of creditors?
- Is there a way to distribute assets to your beneficiaries over time instead of handing over a lump sum?
- Who will manage your finances if you are unable?
- Who will manage your small or family-owned business?
- What are some different options for splitting your estate among your beneficiaries?
- How can you take care of your spouse, but ensure that money also goes to your children?
Sitting down with a qualified Estate Planning attorney can help you answer these important questions and many more. In order to ensure full protection of your estate for your loved ones and yourself, you do not want to depend on a fill-in-the-blank template. Instead, you want to meet with someone who knows key questions to ask to ensure your plan provides you and your loved ones with the comfort and peace of mind that comes with knowing you have your affairs in order.