This may be hard to believe, but everyone needs an estate plan. Your estate includes your car, home, real estate, checking and savings accounts, investments, life insurance, furniture and personal possessions owned individually. It does not matter how well off you are, everyone has items or money that they would like to protect or pass along to their family.
Do not wait until you have hit retirement age to start your estate plan: the earlier you begin this process the better. We cannot predict how long we will live or if, at some point in our lives, we will be unable to communicate our wishes. An estate plan assists in making sure that your wishes and property are distributed and taken care of as you desired.
The most common reasons that people have for not creating an estate plan include: they do not see a need to, they do not plan on dying soon, they do not want to pay for professional estate planning services, they do not want to spend the time developing an inventory of their possessions, they do not want to discuss such issues with their family, they do not want to talk about their money, they do not want to scare their kids, and they do not trust their kids.
The fact is too many people put off creating an estate plan until it is too late and their families end up lost, confused, and having to pick up the pieces. Most states do have a plan for your estate if you die intestate (that is, without an appropriate estate plan) and you will might not like their plan as much as your own.
Do not wait. Start your estate plan now and change it as your life changes. Nothing has to be set in stone, just get started. Creating your estate plan will bring you peace of mind and protect your family. According to the American Bar Association, below are the top 10 things that estate planning can assist you with.
10 Things an Estate Plan Can Help With
- Provide for your immediate family.
- Get your property to beneficiaries quickly.
- Plan for incapacitation.
- Minimize expenses.
- Choose executors/trustees for your estate.
- Ease the strain on your family.
- Help your favorite charitable cause.
- Reduce taxes on your estate.
- Provide for people who need help and guidance.
- Make sure your business continues smoothly.
To learn more about each item go to the American Bar Association website at http://www.americanbar.org/groups/public_education/resources/law_issues_for_consumers/estatebenefits.html and find an attorney or Certified Financial Planner near you at http://www.cfp.net/.
References:
https://www.estateplanning.com/What-is-Estate-Planning/
http://www.seniorcitizensguide.com/articles/services/estates.htm
Camila Haselwood
Peer Counselor I
Powercat Financial Counseling
www.k-state.edu/pfc
