on Mar 9th, 2009About
If you die without a proper estate plan in place, you will be putting all decision concerning the disposition of your estate, who gets your assets, who should be taken care of, and when they should receive access to your estate, in the hands of judges and lawyer. Needless to say, there is no assurance that your intent will be honored and it is a fairly well-know fact that the wheels of justice turn very slowly.
Delays in the disposition of your estate can place additional stress on your family at exactly the worst time. Planning now will assure that your family is taken care of following your death.
If you die with a will in place, you will at least be fairly well assured that those who you wish to take care of will eventually receive what is left of your estate after the probate process is finished. But a will means that the full probate court process must play out before your estate will be available for your family.
Through an effective estate plan, you can live on, in and through your family, your estate, your hopes, plans and dreams. If you desire to name the guardian of your children in your absence (as opposed to having a court make the determination for you), avoid or minimize estate taxes, keep your estate in the family, distribute family assets or personal mementos according to your wishes, and retain the ability to make other choices, you must have a plan and the plan must be formalized in writing.
The word “plan” is very important. You cannot plan anything once you have departed or become incapacitated. Estate planning is not for the “then,” whenever that might be, it is for the “now.” If you desire to avoid or minimize estate taxes, keep your estate in the family, distribute family assets or personal mementos according to your wishes, and retain the ability to make other choices, you must have a plan and the plan must be formalized. You CANNOT simply tell people what you want, or where you want certain items to go. Oral instructions are not valid in a probate proceeding; every estate plan MUST be written, signed, witnessed, and in some cases notarized.
Estate planning is all about being diligent in the care and maintenance of all that you have worked for during your lifetime. It’s also about taking your responsibilities seriously, and doing whatever you can to make sure you are fulfilling your obligations faithfully. Your first responsibility in planning your estate is to yourself, your spouse, and your children, and to ensure that both you and they are provided for. Although, you do not need a spouse and children to require effective estate planning, the existence of a spouse and children nearly mandate a comprehensive estate plan. This means using a will, a revocable trust, and powers of attorney; life insurance, health insurance, and long-term care insurance; IRAs and annuities; and other means to be sure that you and your family’s needs are met. The word “plan” is very important. You cannot plan anything once you have departed or become incapacitated. Estate planning is not for the “then,” whenever that might be, it is for the “now.”
Estate planning is all about you, your family, and your estate. It’s about taking responsibility to ensure that your estate — everything you own and control — is preserved and used for the benefit of those you love.
