Estate Planning is Planning for the Future
There is no way to predict the future, but there are many ways to prepare for it. It is never too early to start planning for the future and security of yourself and your family. A key step is setting up an estate plan. A thorough estate plan requires a financial assessment, including your current and retirement situation. We work with your financial planner to assess your needs and set you on the path to the best financial future you can have.
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.
The most important thing to know is that estate planning is not one-size-fits-all. Everyone's wishes and needs are different. Also, your needs will change as you get older and your circumstances change, including marriage, children, disability or retirement.
Proper planning will give you peace of mind and ease the burden on your family. It can also save your family time and money and, in many cases, avoid court proceedings. Estate planning is not just for people with significant assets. It is for everyone who wants to plan for the financial and personal security and who seek peace of mind for themselves and their family.
Who benefits from Estate Planning?
Most clients are initially under the assumption 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 begin the process they realize how much estate planning actually saves their estate. In fact, when compared to probate, estate planning is generally the much less expensive option. If anyone has been through the probate process before, or understands how it works, they know that it's not an enjoyable experience. The process is very expensive, and often takes over a year to get your assets to your heirs. On the other hand, setting up a trust helps to avoid probate. As mentioned before, it's much less expensive, and the beneficiaries will receive their distribution much quicker.
Therefore, it is important for any person with at least some assets to consult with an attorney to prepare an estate plan. Laura E. Stubberud, Esq. has plans that are fairly priced and affordable for even those with normal lifestyles.