While you read this you may think you don’t have an “estate” but if you have any combination of bank accounts, investments, real estate, business interests, life insurance policies, personal property, jewelry and collections of any sort, you will want to protect these things that really do matter. The cost of long term care without a plan could cost you and your loved ones. Simply put, a will isn’t enough!
As an estate planner, we have been telling clients for decades that once the scheduled changes took place, we would need to revisit their plan to ensure it still does what the clients wants it to do. Now the changes are resolved and are as permanent as they could be at this moment.
A trust is an agreement that you have with yourself that sets out the instructions for how your money will be managed both during your lifetime and after your passing. In many cases, individuals will benefit from having a trust, but not everyone needs to have one.
Planning ahead for your own death is a difficult step to take because no one wants to believe it can happen to them; but it will happen. By giving some careful thought to your goals for your beneficiaries, you will be confident that you are really protecting what matters.
As more and more of our lives are put online, estate planners are contending with how to advise clients to secure and transfer their virtual estates. The body of nontangible, digital assets people create and store on their computers and the internet is growing by leaps and bounds.
A will serves as the basis of your estate plan. Most people understand the importance of having a will. However, a will is a document that becomes effective when you die. What happens if during your lifetime you become disabled…
Have you taken the steps to protect what matters in your life? Do you have a Will or a Trust? Do you have Powers of Attorney for Health Care or Property?