Estate Planning Is Only Useful When You Have A Plan!
Posted by E.A. Westby on Jan 21, 2016 in Estate Planning | 0 comments Most people tend to think that estate planning is for the wealthy or for the elderly. This is a serious falsehood. No matter your stage in life or the amount of your accumulated wealth, estate planning is an essential tool. Because state law does not mandate estate plans like they do insurance in some instances, people forget to utilize this helpful set of documents. When something is not forefront in our minds, we delay acting. Estate planning is only useful when you have it in place and no one knows when the time will come that it is needed. What if you had a horrible accident and became incapacitated tomorrow? Have you appointed a health care and financial power of attorney who you trust and who knows your wishes? Would you be comfortable with the state deciding who will have this privilege? If the answer is no to both of those questions then you should consider getting a plan in place now before something happens. Below are some additional guidelines concerning basic estate planning. A Proper Estate Plan Is Crucial Regardless of Net Worth: This is true for everyone but especially for those folks who are responsible for a lot of other people in their lives. Think of it this way, the less you have, the more important every penny is. Mistakes are more tolerable for those with money. You don’t want to leave your loved ones with massive amounts of debt and no plan to be able to deal with them. Even if debt is all you have, you still need a plan and there are ways to secure a plan for debt. Get ahead of it so you are in control of the debt instead of the debt controlling you. Talk With Your Family And Friends About Your Wishes: When a person dies and they have not discussed their plans with their beneficiaries or family, almost always this creates serious conflict. When people are fighting over the terms of your estate, it can delay beneficiaries from receiving inheritances for months or even years. Instead, include your family in the decision process by having candid conversations. This allows them to feel secure about the future and also allows for family members to accept decisions that may not be what they wanted or had in mind. Discussing your plan prevents conflict and allows the family to heal and properly...read more