Everyone can benefit from some type of estate planning. We can all find reasons for not doing something that we find difficult. Some of the common reasons given for not planning include:
- "I don't own enough to worry about."
- "I'm young, I have plenty of time to worry about that."
- "My spouse and I own everything in joint tenancy."
The truth is, by preparing now for the future, you'll be doing yourself and your family a favor.
Failure to plan may result in:
- State law determining who will get your assets.
- Estate settlement costs being increased.
- Distributions to your heirs being delayed.
- The courts determining who will take care of your minor children.
- Unnecessary estate and inheritance taxes.
Estate planning can be defined as the creation, conservation, use and disposition of one's assets. So, the first is determining your current situation. The Personal Financial Data Form (pdf) can be used to record the names of your lived ones, your current financial situation and your objectives. Print, complete and return this form to us. This is an excellent way to begin the process of your estate. Although we don't practice law or give legal advice, we can help you refine your objectives to maximize the benefits to your family.
Planning is the key to maximizing benefits to your family and minimizing unnecessary costs, taxes and delays.