Whether you are a prince or pauper, you need an estate plan.
Certain things in life are necessary for survival such as food, water and shelter.
Other things are required for financial flourishing.
What are these?
They are a bank accounts, insurance, a budget and an estate plan.
The Huffington Post article titled “Why Estate Planning Makes Sense at Any Age" may not be able to answer this question, but it does provide important reasons for getting an estate plan now.
After hearing these reasons, you too will be surprised to learn only 50 percent of Americans have created a will, according to a recent ABC News poll. Even more shocking: many of those with a will did not create essential supplementary documents while they were at it.
What are these folks missing?
By getting the necessary documents in order your money will go to your loved ones, according to your wishes.
If you are not physically present to care for them, you still will have provided for their needs.
Because estate planning takes a holistic approach to your wealth, you will be equipped to make better financial decisions to set you up for future success.
Planning for the future requires discipline.
It is where your budget, insurance policies and investment accounts meet.
With a defined goal, you will be empowered to make wise decisions day in and day out.
Because your financial and estate planning are intertwined, any changes in life—such as divorce, remarriage or the birth of a child—will require updates to your estate planning documents and beneficiary designations.
If you have an experienced estate planning attorney, it is not.
You will need one to ensure your documents work when the time comes.
A DIY will cannot be trusted.
Without a valid will, your wishes will not be followed. The state will choose your inheritors for you.
Do not let this happen to you.
So, how do you find an "experienced" estate planning attorney?
First, ask around. Friends, family and other professional advisors are trustworthy sources.
Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").
Third, either way, verify! Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.
In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.
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 in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Huffington Post (June 8, 2016) “Why Estate Planning Makes Sense at Any Age”