Wills and Estate Planning

PROTECT YOUR FAMILY FINANICALLY

Few people relish estate planning. After all, deciding how you want your assets distributed after you die can serve as a frightening reminder of your mortality. But there are plenty of reasons to tackle the

task with some enthusiasm: You get to name the people to whom you wish to give your assets and know that your wishes carry the word of law. You can arrange it so that taxes siphon as little from your pot of gold as possible. And you have the satisfaction of knowing that your financial affairs are in order and that you’re not bequeathing a costly administrative nightmare to your loved ones.

PROTECT YOUR FAMILY FINANICALLY

Few people relish estate planning. After all, deciding how you want your assets distributed after you

die can serve as a frightening reminder of your mortality. But there are plenty of reasons to tackle the

PROTECT YOUR FAMILY FINANICIALLY

Few people relish estate planning. After all, deciding how you want your assets distributed after you

die can serve as a frightening reminder of your mortality. But there are plenty of reasons to tackle the

task with some enthusiasm:

You get to name the people to whom you wish to give your assets and know that your wishes carry

the word of law. You can arrange it so that taxes siphon as little from your pot of gold as possible.

You will also have the satisfaction of knowing that your financial affairs are in order and that you’re not

leaving a costly administrative nightmare to your loved ones.

Establishing a Basic Estate Plan

No matter your net worth, it’s essential to have a basic estate plan in place. Such a plan ensures that your family and financial goals are met after you die. An estate plan has several elements: a will, power of attorney, and an advance healthcare directive (medical power of attorney). For most people, trust and life insurance also make sense. When putting together a plan, you must be mindful of both laws governing estates. Take an inventory of your assets. Your assets include your investments, retirement savings, insurance policies, and real estate or business interests. Ask yourself three questions: Whom do you want to inherit your assets? Whom do you want to handle your financial affairs if you’re ever incapacitated? Whom do you want making medical decisions for you if you become unable to make them for yourself?

Create a Will To Support Your Family

Everybody needs a will. A will tells the world exactly where you want your assets distributed when you die. It’s also the best place to name guardians for your children. Dying without a will - also known as dying “intestate” - can be costly to your heirs and leaves you no say over who gets your assets. Even if you have a trust, you still need a will to take care of any holdings outside of that trust when you die. Trusts aren’t just for the wealthy. Trusts are legal mechanisms that let you put conditions on how and when your assets will be distributed upon your death. They also allow you to reduce your estate and gift taxes and to distribute assets to your heirs without the cost, delay, and publicity of probate court, which administers wills. Discussing your estate plans with your heirs may prevent disputes or confusion. Inheritance can be a loaded issue. By being clear about your intentions, you help dispel potential conflicts after you’re gone. Please feel free to email us or call 770-263-9993, so we can discuss your particular situation.