Wills, Trusts & Estates
Why is Estate Planning Important.
Most people believe that Estate Planning is necessary only for wealthy individuals...that's completely incorrect.
A basic estate plan is right for everybody because it minimizes confusion and unnecessary expenses for loved ones after someone passes.
There are at least 3 items that everyone should prepare and have.
1 -- A WILL
Everyone should create a will to ensure that their money and property are distributed according to their wishes. Otherwise, if someone dies without a valid will, the state will divide the assets according to local laws.
A will is a legal document that details how a person’s assets will be distributed after his/her death. The will should also identify an executor, a personal representative who will carry out the wishes outlined in the will.
2 - POWER of ATTORNEY
This is a written authorization that names someone else and allows that person to handle your personal business, all financial and legal decisions for you should you become disabled, hospitalized or otherwise incapacitated and are unable to handle your own affairs.
3 - Update YOUR DESIGNATED BENEFICIARIES
If you have Life Insurance policies and 401K accounts it is very important to make sure that the procedes go to the beneficiary or beneficiaries of your choice. These beneficiaries should be reviewed regularly, probably at least once a year.
You should not attempt estate planning on your own. You should meet with an experienced and licensed estate-planning attorney who can help guide you through the items listed above, as well as, other options that you might want to consider.