WHY DO YOU NEED ESTATE PLANNING?

BECAUSE WITHOUT IT - YOU LOSE CONTROL!

I once thought that "Estate Planning" was for the very rich. You know, the ones that have a country estate complete with servants, polo ponies, and the resources to pay for it all. In reality, Estate Planning benefits anyone who cares about what happens to themselves, their loved ones, and their estate if death or incapacity occurs. Without proper estate planning you lose control in deciding:

• Who will take care of you.

• Who will take care of your financial affairs.

• Who will take care of your estate.

• Who will make decisions on your behalf.

• Who will raise your minor children.

• How your estate will be distributed.

• How much tax your estate will save.

Basic estate planning is accomplished through the use of such legal documents as a Powers Of Attorney, a Will, or a Trust. Properly drafted estate planning documents allow your estate to save taxes and avoid probate. They allow you to appoint a guardian for your minor children and to pass on creditor protection to your beneficiaries. Moreover, in the event you are no longer able to take care of yourself, these documents allow your agent to make health care decisions on your behalf and to manage your financial affairs without the necessity of having a guardian appointed by a court.

How Often Should Legal Documents Be Reviewed?

Although no two situations are exactly alike, it is prudent to review and update legal documents whenever a major life change occurs including: 

• Death of a spouse, beneficiary, executor, trustee, or guardian

• Birth or adoption of a child or beneficiary

• Divorce

• Marriage

• Move to another state

• Substantial change in estate size

• Serious illness of a family member

• Financial irresponsibility of a beneficiary

• Retirement

• Changes in tax, probate, property, or trust law

• Changes in business interests

Comparison of basic estate planning arrangements.