Over 50% of our adult population (120 million adults) neither have nor realize the significance of having an up-to-date estate plan to protect themselves and their family’s assets.
Mountain Times’ recent article entitled “Do you need an estate plan?” explains that estate and gift planning is a process that can protect you and your family. It is a crucial component of your overall financial planning. Now is the perfect time to put your estate planning in order. If you don’t have an up-to-date estate plan, including a power of attorney and healthcare directive, you are seriously ill or injured and can’t manage your financial affairs; a judge will appoint someone to manage them for you. The person they select might not be the one you would want to perform those tasks.
Without a plan, your affairs will be settled by the state’s probate laws when you pass. As a result, handling your estate is costly and frustrating for your family, can lead to fights, and the court may not give your assets to the people you want to have them. In addition, there’s no way for your assets to be donated to your favorite charities or causes unless you make some advance arrangements.
Sit down with an experienced estate planning attorney to discuss your goals and objectives. Your attorney can then draft the appropriate legal documents, such as wills, trusts, buy-sell agreements for business owners, durable powers of attorney for financial management, and an advance healthcare directive or healthcare power of attorney. These documents will help your family at a challenging and emotional time.
Regardless of the extent of your net worth, estate planning is vital for everyone.
Wealthy people may use complex strategies to reduce death taxes and costs. However, everyone needs a will and perhaps trust to pass on property to their heirs and provide for minor children.
The time to create or update your estate plan is now with the help of an experienced estate planning attorney.