Estate planning sounds like something only rich people would do, right? The truth is that not properly preparing before you die can cause your heirs a lot of pain and expense.
What do Pablo Picasso, Jimi Hendirx and Abraham Lincoln all have in common? The all died intestate. That is, they passed without having a will in place. They’re also not alone. Today, approximately 64% of Americans don’t have a will.*
The primary purpose of a will is to assure that the assets you’ve worked so hard to accumulate during your life are distributed to whomever you choose. A will also gives you the opportunity to choose the amount and the way those assets will be handed out.
Before dying, you can also assign guardians to take care of minors in your will. You can also appoint an executor for your estate. This will be the person that carries out the provisions of the will.
But is a will enough to protect your estate from taxes, legal fees and court costs associated with Probate Court? Probably not.
To help reduce the costs associated with dying and ensure you are preserving as much of your wealth as possible, you’ll want to engage in estate planning, as well. Having a will in place is essential. But it is just one of the documents you need to have in place and is just one of the items you need to consider when it comes to managing your estate.
Estate planning can help you prepare for the future by looking at your entire estate. It address things like:
- Reducing the amount of taxes, legal fees or court costs to be paid.
- Including instructions for your care if you become disabled.
- Be able to provide for special need family members without disrupting any government care that is received.
- Providing life insurance, disability income insurance and long-term care insurance.
- Planning for the transfer of your business upon your retirement, disability or death.
- Being flexible as your life circumstances and situations change.
Want to learn more about Estate Planning? Call us at (513) 407-5430.