Your “estate plan” is not just about money or assets. For that matter, it is not just about taxation either. While it is too easy to focus on stuff and taxes, there is far more to consider when making your own estate plan.
A recent article in The Examiner makes the case for estate planning, appropriately titled the “Top 7 reasons you need an estate plan—even if you have only $500 in the bank”
Cutting right to the chase, here are the seven reasons listed in the article:
Your healthcareAvoiding probate
Avoiding family feuds, knowing that sentimental goods are just as likely to incite a family squabble
Ensuring your beneficiaries on your retirement accounts are, indeed, you intended heirs.
Ensuring for the care of the kids, and maybe even the grandkids
Managing complicated assets
Ensuring for the succession of leadership in your family business
You see, your estate is the sum total of the many aspects of your life. Your “legal” life touches your “personal” life touches your “financial” life touches your “medical” life, and so on and so forth. That is a lot to think about, think through and then plan.
Much of an estate plan involves wrapping your mind around these details to ensure the good of your family and even your own good, later in life. In the end, these considerations are much more important that merely escaping the various taxes.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.For more information about estate planning and to download free tools to help you organize your estate, visit my estate planning website.
Reference: The Examiner (August 24, 2013) “Top 7 reasons you need an estate plan—even if you have only $500 in the bank”