You Need A Plan If…
When to start thinking about estate planning.
No matter your age or financial status, having an estate plan is a key step in protecting yourself, your assets, and your family. But how do you know when it is the right time to start the estate planning process? Here are a few situations in which you need a plan:
You are the parent of minor children
If you pass away without a plan, a court will decide who will care for your minor children, and who will manage their inheritance. With a plan, you can designate a guardian for your children, and set up a trust to manage their funds.
You own a home or other real estate
Real estate is often the most valuable asset in an estate. Without a plan, your real estate may have to go through a complex probate process before it can be transferred to your heirs.
You have a child or other loved one with special needs
Leaving an inheritance directly to a person with special needs can disqualify him or her from receiving important government benefits. A special needs trust can protect those benefits while providing for your loved one’s needs.
You own a business
Without a plan, the future of your business is uncertain. A business succession plan can outline how ownership and control of your business will be transferred.
You want to avoid probate
Probate can be a long, public, and expensive process. A revocable living trust can help your heirs avoid probate and keep the distribution of your assets private.
You want to ensure your wishes are carried out
An estate plan allows you to designate who will make financial and medical decisions for you if you become incapacitated, and who will receive your assets after you pass.
