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Estate Planning

Quote 5What comes to mind when you hear the term "estate planning?" 
If you are like many people, you know it has something to do with having a will. You would also be correct if you said it involves making decisions about your assets once your life has ended.

A good estate plan goes further and addresses many aspects of your current situation, as well as establishing ways you might continue to thrive in the years to come. 

Consider this definition of Estate Planning: Caring for yourself and your assets while you are living, and providing for the transfer of assets to other persons and entities – both during your life and afterwards.

 

 

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Why do estate planning?

Very few people wake up in the morning and wish they could spend the day working with their attorney to create an estate plan. However creating (or updating) a plan is among the most important things you can do. Amongst the many benefits having an estate plan includes, consider these to begin with:

  • Ensure the property you have accumulated over your lifetime goes exactly where you want it to go and when. If you do not have a will or living trust, the state will provide a distribution plan for you, which may or may not be in accordance with your wishes.
  • Give directions to be followed in case you become incapacitated and can’t make decisions for yourself.
  • Organize your affairs and designate who will handle them when you are gone.
  • Appoint a guardian for any minor-aged children.
  • Provide for any special needs your loved ones may have.
  • Minimize possible estate taxes and costs.
  • Specify the type of funeral arrangements you would like.
  • Remember and provide for the friends, pets, and organizations you care about as this level of detail is never a part of what becomes the default state distribution protocol.

A good estate plan goes further and addresses many aspects of your current situation, as well as establishing ways you might continue to thrive in the years to come. Consider this definition of Estate Planning: Caring for yourself and your assets while you are living, and providing for the transfer of assets to other persons and entities – both during your life and afterwards.
While estate planning can entail some difficult choices and entails confronting uncomfortable issues, it does provide a sense of relief and peace of mind when it is done. You will know that you have done your best to plan and provide for yourself and for other you care about, as well as the causes you have cared about during your lifetime. There is great satisfaction in knowing what your legacy will be.