In follow-up to Sequoia’s December 2020 “Wills, Trusts, and Estate Planning webinar“, our guest speaker, Kristin Kaminski, from Maxey Kaminski wrote this article to provide some insights into why estate planning is essential for nearly everyone.
Why Do I Need to Consider Estate Planning?
You might be surprised to learn that you probably do have an estate. Virtually anyone who owns anything has an “estate.” Estate planning isn’t just for the ultra-wealthy. Although the term may invoke images of expensive cars, large properties, or expensive pieces of art, for the purposes of estate planning, the term “estate” covers much more.
What is an Estate?
Basically, anything you own, including a home, car, bank account, jewelry, etc., is part of your estate. Most people have an estate of some type, whether large or small. And most people want those estates protected.
What Does Estate Planning Cover?
Estate planning covers financial accounts and belongings, but another important part of planning is putting your medical wishes in writing. Suppose you are in a tragic accident that puts you in a coma. You probably want to ensure someone you trust will make critical medical and financial decisions for you if you’re unable to do so. Having a legally drafted estate plan will ensure your wishes are carried out.
Three Key Advantages of Estate Planning
We know that estate planning is confusing, and we also know what it takes to create an estate plan that fits your needs. Here are three key advantages of estate planning:
- It allows you to select someone you trust to provide for you if you become incapacitated, without expensive and public court involvement.
- It lowers the costs of professional fees, court, and taxes at your death.
- It gives you the ability to give your estate to whom you want, the way you want, when you want.
We strongly recommend meeting with an experienced estate planning attorney to see how you can take care of these critical choices. The sooner you take care of your estate plan and get these important documents like your will and trust in place, the better prepared you will be.
Disclaimer: This content is intended for informational purposes only and should not be construed as legal, medical or tax advice. It provides general information and is not intended to encompass all compliance and legal obligations that may be applicable. This information and any questions as to your specific circumstances should be reviewed with your respective legal counsel and/or tax advisor as we do not provide legal or tax advice. Please note that this information may be subject to change based on legislative changes. © 2020 Sequoia Benefits & Insurance Services, LLC. All Rights Reserved