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S3E5: Estate Plan: Do I really need one?
Manage episode 354028636 series 2971928
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Estate planning is an important strategy for arranging financial affairs and protecting your family — here are 5 reasons why everyone needs an estate plan:
- Estate planning is important for everyone, no matter their age or wealth.
- It avoids taxes and legal tie-ups, and ensures funds are passed on or bequeathed as you wish.
- And it appoints the right people to take care of your kids and even you if you’re incapacitated.
What is estate planning?
Your estate is essentially everything you own, including your home or other property, car, bank accounts, investments, life insurance, furniture, and personal possessions.
1. Estate planning goes beyond a will
Many people think of a will and an estate plan as the same thing. They’re not.
2. Estate planning saves time and money
The probate process involves paperwork and court appearances by lawyers, and the estate pays their fees. It can be time-consuming, taking months and even years. Given the legal bills, it can end up being quite costly for surviving family members.
You can significantly reduce the time and expense of dying intestate by estate planning. Specifically:
- Creating a will that names an executor of your estate
- Making sure all your investment accounts (IRA’s 401k’s, brokerage/bank accounts) have correct, living beneficiaries.
3. Estate planning avoids big taxes
One reason estate planning is often associated with the super-rich: estate taxes. But there are other considerations!
4. Estate planning protects children
If you die together with your spouse or without a surviving spouse to take care of your children and other dependents, who will get custody of them?
5. Estate planning takes care of you too!
It can also include a durable power of attorney and healthcare proxy – two important legal documents that ensure your wishes will be carried out if you’re temporarily or permanently incapable of handling them.
The bottom line
Estate planning isn’t only for the rich, and it doesn’t have to be an overly complicated or expensive process. An experienced estate-planning lawyer can work with you to create an estate plan customized to your needs, financial affairs, and family situation.
The sooner you get started, the better.
Some Search Engines you can use to get started:
How to Find the right Attorney: https://lawyers.findlaw.com/lawyer/practice/estate-planning
How much should I pay for my Estate Plan: https://www.findlaw.com/estate/planning-an-estate/what-does-an-average-estate-plan-cost-detailed-price-analysis.html
Start Your Free Wealth Coaching: Text me at 508-905-5561 with a couple dates and times and let’s begin building a financial wall around your family.
Join the conversation on Social: Facebook, LinkedIn, Instagram
The post S3E5: Estate Plan: Do I really need one? first appeared on The Family Business.
The post S3E5: Estate Plan: Do I really need one? appeared first on The Family Business.
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