A common misconception about estate planning is that it is only for people with vast, multi-million dollar estates. The reality is, if you have assets, you should have an estate plan. An example of estate planning is protecting what is likely the largest investment most people make: purchasing your home.
Think of estate planning like another form of insurance. There is water, fire, and even hurricane insurance for every possibility - why not prepare for something that is a certainty? Additionally, estate planning does not have to be limited to assets. It can provide a blueprint for the future and outline what may happen to you minor children in the case of misfortune.
Ask These Questions
Are you hoping to leave property or assets (including but not limited to 401(k)s, IRAs, and savings accounts) to your spouse or your dependents? Are those instructions written out in a legally binding will and beneficiary designations?
Has there been a sudden change in your financial picture due to cash windfall or inheritance? Such changes could drastically affect your tax burden.
If you already have existing wills and beneficiary documents, have you reviewed and updated them accordingly? Many people do not review their documents once they are created, resulting in some unfortunate surprises later.
Nearly 30% of people who do not have an estate plan say they do not have enough assets to justify it. But the bottom line is that all assets are worth protecting. You worked hard for your savings and your home — estate planning is there to safeguard them against every eventuality.
“My wife and I were uncertain of what to do when her deteriorating situation resulted in her being admitted to a nursing home. We knew very little of the issues that could develop and especially the financing required, which was unplanned for by me. Fortunately for us, your office was recommended. Even more fortunately, Tammy Weber was selected as our elder law attorney. Over a series of meetings, she thoroughly explained the entire process. Her presentation of the details in legal requirements, the finances charted out, our questions answered without hesitation and her confident friendly manner, gave me assurance that she absolutely knew her profession. Our trust in attorney Tammy Weber was completely validated. She did outstanding work, and we are completely satisfied with her performance."
John
Unsure About What You Need in an Estate Plan?
Everyone can benefit from estate planning documents, but every situation is different. Figuring out what documents make sense for you can be challenging and confusing. We’ve created this estate planning tool to help you decide.
