Some people believe that estate planning is only for the wealthy, but that just isn’t the case.
After years of experience, I’ve seen how just about everyone can benefit from having an estate plan, including young adults heading off to college or young families just starting out. In fact, we created estate planning documents for my daughter before she went off to college.
A common belief among people is that they don’t have a lot of assets to protect or they don’t have any kids, so they don’t need to create an estate plan.
What they don’t realize is that a good estate plan can actually increase the value of the estate they hope to someday leave behind.
For example, a good estate planning attorney can help you “stretch” retirement accounts or utilize insurance policies to leave a significant inheritance for your heirs or even just to benefit charities and organizations that you really care about helping after you are gone.
Another estate planning benefit that has NOTHING to do with money is privacy.
For any adult that passes away without the right plans in place, their affairs will likely be subject to a very public court process known as Probate. In probate, all of your most personal information is made a matter of public record for anyone to access, at anytime—including the very real possibility of having to file a list of the exact dollar amounts and accounts you are leaving behind to loved ones.
But, by having a trust in place, you can avoid this process altogether and keep your most private information under lock and key.
And, for those who have minor children, estate planning is critical to ensure they have guardians named who can raise them if something happens to mom or dad.
If you don’t have the right documents, the courts will determine what happens to your children based on the la and not on your wishes. Plus, your kids may wind up in the care of social services until all the legalities are sorted through and officially dealt with.
Finally, there are certain legal documents that govern who can manage your medical or financial affairs—and make decisions for you if you are incapacitated and unable to speak for yourself.
EVERY adult needs to have such documentation in place, regardless of their age or the size of their estate! Could you imagine having someone you don’t like or trust deciding whether or not to pay your bills or “pull the plug” in a medical crisis?
With all that said, don’t put off your estate planning any longer. Nearly everyone can benefit from working with an estate planning attorney.
From professional retirement planning to naming guardians for kids, to protecting your privacy and more, we’re here to help if you have questions or you are ready to get started. Call us at call our office at (972) 905-4394.
Written by Miller Law Office
The Miller Law Office is here to help you build and protect your legacy. Rather than having a traditional estate planning practice, which is focused on transactions (such as the drawing up of wills and other documents), we have a more relational focus – having on-going contact with clients over the long-term, helping clients to protect themselves and their families.
Written by Miller Law Office
The Miller Law Office is here to help you build and protect your legacy. Rather than having a traditional estate planning practice, which is focused on transactions (such as the drawing up of wills and other documents), we have a more relational focus – having on-going contact with clients over the long-term, helping clients to protect themselves and their families.
