Tag Archives: things you need to know about estate plan

Estate Planning for the Future

If you really want to do your kids a favor, spend some time planning for when you’re gone. Whatever decisions you can make on behalf of your family now will benefit everyone later. Make sure that you have a valid and easy-to-read will and estate plan kept in a secure location.

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Get Advice

Before you scribble who gets what on the back of an envelope, ask friends for a recommendation for an attorney who specializes in trusts and will and do a search for reliable estate planners near me Mission Viejo CA. Avoid confusion later by letting professionals help you get your paperwork in order.

Figure Out What You Have

It’s important to take a thorough inventory of your assets so you know what you’re working with when it comes time to divide everything up. You may want all your heirs to get an equal portion or you may want to set aside special funds for special circumstances such as helping a grandchild pay for school or reserving money for a relative with special needs.

Make Decisions Now

Nobody plans to get infirm or incapable, but dementia and diseases like Alzheimer’s strike without regard to your wishes. Make decisions now about who will hold your power of attorney if you become incompetent. In addition, consider signing a medical directive so loved ones know just how far you’re willing to go with medical care.

Set Money Aside

Investigate your state’s inheritance and estate tax laws so you will know just how much money needs to be set aside to cover those fees. If you don’t, your beneficiaries may end paying a large portion of the money you planned to go to them. Also, prepay your funeral expenses as a final and thoughtful gift to your family.

Nobody likes to talk about death and dying, but it’s much easier to do it when you’re healthy and have a vigorous mind. Act responsibly now to save the heartache for your loved ones later.

What is Estate Planning and Why Do You Need It?

Estate planning is the process by which you anticipate your future needs and those of your family, as well as the documents you direct your attorney to draft for you that will provide for those needs. Estate planning is likewise the way you protect your assets during your lifetime and at and after your death so you can avoid probate and minimize the income, gift and inheritance taxes your estate will need to pay.

Your Estate

Your estate consists of everything you own at your death, including the following:

  • Checking and savings account balances
  • Stocks, bonds and other securities
  • Life insurance policy proceeds
  • Real estate
  • Personal property, such as vehicles, jewelry, antiques, etc.

Minimum Estate Plan

Whatever your age, marital status or amount of wealth, if you live anywhere in the Louisville area, you should contact an experienced estate planning attorney Louisville KY to draft at least a Last Will and Testament and a medical power of attorney for you. Why? Because if you die without a will, the intestacy laws of Kentucky will determine who inherits your assets.

As for a medical power of attorney, this document becomes crucial if you suffer a debilitating injury or illness that makes it impossible for you to communicate your wishes regarding the types of medical care you want and don’t want. Your medical power of attorney solves that problem because you not only list those things in it in as much detail as you wish, but you also designate someone as your attorney-in-fact to follow those directions, plus make any other medical decisions for you in the event you cannot make them yourself.

Additional Estate Planning Documents

Many people also include one or more of the following additional documents in their estate plan:

  • Revocable living trust(s)
  • Irrevocable trust
  • Special needs trust for a special needs child
  • Financial power of attorney

All in all, wise estate planning will give you the peace of mind of knowing that you have provided for yourself and your family no matter what happens in the future.