More than just a Will
Do you need an Estate Plan?
Did you know that everyone has one type of estate plan? It’s true! Even those who do not plan at all have access to the basic estate plan designed by their state government, it’s called probate. When you do nothing, in effect, your state legislature has written your will for you. Don’t have an estate plan? You are not alone, 2 out of 3 adults do not have a will or any formal plan for what should happen with their estate after they are gone.
It may seem overwhelming or you may think you do not own enough assets to go through the process of designing an estate plan. This is a common misunderstanding. However, no matter if you are rich, poor, are somewhere in the middle, having an estate plan is your best bet to ensure that what happens with your assets after you pass away is done in the manner that you want it done. Taking control over what happens in the way you want it to happen is in everyone’s best interest.
You probably don’t need to worry about a personalized estate plan at this time if you:
- Don’t have a lot of assets
- Don’t care who the court appoints as your personal representative
- Don’t have kids
- Don’t care about the fees and expenses of probate
Even then, and there are some steps you can take to help make the probate process easier for your family.
Estate Planning is more than just having a Will
You may not be concerned about what happens to your property after you die, but what about if you are just incapacitated? Severe accidents or illness may seem unlikely, but even if you live a longer life, things like dementia are real. Did you know that your risk of dementia increases dramatically after age 60? Your risk doubles every 5 years, and almost half of people over 85 suffer with Alzheimer’s disease.
There are many elements that can be part of a comprehensive estate plan. Contact us to discuss what options are best suited for your needs.