Estate planning is a nebulous term. It’s also a morbid one. Thus, many procrastinate on getting their affairs in order. But estate planning is among the best things you can do for your family. Here are three things you should know:
- Estate planning isn’t just for the rich. In fact, anyone with property and/or money can benefit from an estate plan. Most of my clients are just like you. A house, a car, maybe a retirement account or some life insurance. Do you want to make things easier for your loved ones? What about providing for a favorite charity or your alma mater? An estate plan is how you get there.
- One size does not fit all, and cheaper does not equal better. LegalZoom and other companies boast of a last will and testament or a revocable living trust for a price less than your cable bill. If it seems too good to be true, that’s because it is. No two people are alike. Therefore, no two estate plans should be alike. Each client of mine has unique goals and needs. Maybe you want to protect a beneficiary who has dependency issues or is in a bad marriage. Or perhaps shielding your assets from nursing home costs is a priority. Whatever the case may be, your best bet is to seek a knowledgeable estate planning attorney who can evaluate your circumstances, counsel you on the options and create a customized plan.
- Estate planning involves what happens while you are still alive, too. Estate planning isn’t just about the distribution of your assets after death. It also covers certain matters during your lifetime, such as who will make medical and financial decisions for you if you become incapacitated.
Estate planning is not something to be feared. Rather, it’s an investment in your family’s future. So, protect your legacy by planning your estate.