We are nearing my favorite holiday: Thanksgiving. From family to turkey, from pumpkin pie to football…the list of things for which to be thankful is long. Something that may not immediately come to mind, however, is estate planning. I know you are probably thinking, “Estate planning is how Tyler makes a living. Of course he is thankful for it!” Fair enough. But here are a few reasons why you should join the party:
- Revocable Living Trusts – A wonderful tool, revocable living trusts avoid probate and maintain privacy. In addition, revocable living trusts give you the opportunity to control how your beneficiaries spend their inheritance. Finally, revocable living trusts can protect your assets from creditors and lawsuits
- Durable Powers of Attorney – Sadly, many of us will someday lose the ability to make decisions for ourselves. That means another person will need to step in and help, potentially requiring a guardianship proceeding. Fortunately, by executing a durable power of attorney, you can empower someone you trust to manage your financial affairs and health care without going to court, saving both time and money.
- Peace of Mind – Although none of us relish confronting our own mortality, we must consider what happens after we are gone. You have worked hard in life to provide for your family. Plan for the future and ensure that your loved ones are taken care of after your death, too. In doing so, you will gain something truly invaluable, that is, peace of mind.
There you have it. Revocable living trusts, durable powers of attorney and peace of mind: these are among the many reasons to be thankful for estate planning this holiday season. Until next time, Happy Thanksgiving!