What is Estate Planning?
– It’s planning for the worst contingencies, so you and your loved ones are prepared for any issue that may arise.
– It’s not just about dividing assets after your death. What will happen in the event you are disabled or incapacitated and unable to manage your financial or medical affairs?
– Having a comprehensive plan in place can minimize the risk for disputes to arise among your family members after you have passed.
Why Do I Need It?
Common Planning Goals:
Children: If you have minor children, they are undoubtedly at the top of your list of planning priorities. Proper planning can ensure that the right person/people are able to care for your children in the event of your untimely death or incapacity.
Ease of Transition: Planning your estate ahead of time will make the process of handling your final affairs more smooth and efficient. Without planning ahead, an already difficult and emotional time for your loved ones will be that much more trying.
Minimize Costs/Taxes: With the right documents and planning in place, you can maximize the assets that will pass to your beneficiaries instead of to the costs, fees, and taxes associated with settling the estate.