Estate Planning is Planning for the Future
While you can't predict the future, you can certainly prepare for it. It's never too early to start planning for your future and the well-being of your family, and a crucial step in this process is establishing an estate plan. This involves a comprehensive financial assessment, including both your current financial situation and your retirement plans. We collaborate with your financial planner to evaluate your needs and guide you toward securing the best possible financial future.
What is Estate Planning?
An estate plan also consists of set of written documents whereby you set forth your wishes regarding your assets should you be unable to handle your financial affairs and for distribution upon your death.
We will discuss who will make health care decisions for you if you cannot communicate your wishes, who will care for any minor or disabled children upon your death and who will inherit your assets. Some of these documents may be wills, trusts, nominations of guardian and financial and health care powers of attorney.
It is important to know is that estate planning is not one-size-fits-all. Each person's wishes and needs are unique and these needs can evolve with life changes such as marriage, children, disability, or retirement
Effective estate planning provides peace of mind, reduces the burden on your family, and can save time and money by avoiding court proceedings. It's not just for individuals with significant assets—it's for anyone who wants to ensure their financial and personal security and find peace of mind for themselves and their loved ones.
Who benefits from Estate Planning?
Many people initially believe that estate planning is only for the wealthy or that the fees to set up an estate plan will be too expensive.
However, once they start the process, they often realize how much it can save them compared to the cost and complexity of probate. Probate can be a lengthy and expensive process, often taking over a year to distribute assets to heirs. In contrast, establishing a trust can help you avoid probate, leading to lower costs and faster distribution to beneficiaries.
Therefore, it's crucial for anyone with assets to consult with an attorney to develop an estate plan. Laura E. Stubberud, Esq. offers reasonably priced plans that are accessible even for those with modest assets.
