Estate planning on your own can be complicated and costly. And the list is endless... state taxes, bureaucracy, probate courts, unfair appraisals, health care concerns, eligibility of heirs, life insurance, IRA's, 401K's, annuities, burial or cremation costs, and intent regarding death-postponing treatment to name a few. Not knowing your legal and financial rights often ends up costing you more in the end.
Do you need an estate plan? Anyone who owns property - a home, a car, a bank account, investments, business interests, a retirement plan account, collectibles, or personal belongings - needs an estate plan. An estate plan allows you to direct how and to whom your property will be distributed after your death. If you have no estate plan at all, your property could be distributed according to your state's intestacy laws without regard to family needs or your desires.
Estate planning is an ongoing process. For a young, single perso, an estate plan my consist of simply a Will. A couple just starting out might have Wills and own a home and bank accounts in their joint names.. When children arrive, naming a guardian and arranging to provide for them and your spouse in the event of unexpected death or incapacity become estate-planning concerns. Once an individual starts to realize his or her financial goals assets preservation and avoiding taxes become important factors in estate planning.
Everyday personal and family changes can make yesterday's well-devised estate plan wholly inadequate today. Be aware of the following events that may signal the need for an estate plan review and possible revision:
- births
- deaths
- marriages
- divorces
- moves out of state
- changes in estate composition (assets)
- business changes
- tax law changes
The best way to keep your estate plan up-to-date is to review it on a regular basis. We would be happy to help you with a reveiw of your estate plan in coordination with your other professional advisors to determine whether changes are needed. Or if you do not have an estate plan in place, we are happy to help you get started today.
