ON BEHALF OF EVERGREEN LAW GROUP, LLC | ESTATE PLANNING
Many people think they do not have enough assets to justify having an Estate Plan. The truth is, Estate Planning is not just about the size of your bank account or your age. It is about ensuring that your loved ones will be provided for, according to your specific wishes and goals, no matter what the future holds.
WHY ESTATE PLANNING MATTERS
It is common for people to avoid Estate Planning due to common misconceptions, such as thinking Estate Planning is only for older adults. In reality, anyone over the age of 18 can benefit from having a solid Estate Plan in place. Estate Planning goes well beyond the distribution of wealth after death. Younger adults, especially those with children, should have a robust Estate Plan to ensure that their children will be properly provided for by people they inherently trust, in the untimely event of their passing.
ESTATE PLANNING ENCOMPASSES ASPECTS OF YOUR LIFE AND YOUR FUTURE, INCLUDING:
1. HEALTHCARE DECISIONS in the Event of Your Incapacity
2. ASSET PROTECTION for your Loved Ones
3. GUARDIANSHIP CONCERNS for Minor Children
4. AVOIDING PROBATE COURT, ADDITIONAL LEGAL COSTS AND PROBATE FEES
5. POTENTIALLY MINIMIZING TAX BURDENS
Dying without a Will or a Trust (also known as dying “intestate”) means that the state gets to decide how to distribute your assets in accordance with state statute. The process in question is often slow, expensive and potentially misaligned with your specific goals and/or wishes. By creating an Estate Plan, you get to maintain control over your legacy and ensure that your loved ones will be properly provided for in alignment with your wishes.
KEY COMPONENTS OF AN ESTATE PLAN
A Comprehensive Estate Plan typically includes:
A. LAST WILL AND TESTAMENT: This Document will dictate how and to whom you desire your possessions and assets to be allocated.
B. REVOCABLE LIVING TRUST: This important Estate Planning Tool looks to manage and distribute assets as you dictate, potentially avoiding the need for a probate process, which can be both costly and time-consuming.
C. DURABLE FINANCIAL POWER OF ATTORNEY: Designates someone whom you trust implicitly, to manage your finances if you should become incapable of doing so.
D. ADVANCE MEDICAL DIRECTIVE: Specifies your healthcare preferences in the event that you are unable to communicate them.
While online DIY kits exist, crafting an Effective, Robust Estate Plan requires Legal Experience. Laws vary by state and can change frequently. A seasoned attorney like Natalie Wetenhall can ensure that your Estate Plan is Solid and Comprehensive, Up-To-Date, and Specifically Tailored to meet Your Family’s Unique Needs and Your Desired Objectives.
