Do not let estate planning scare you this Halloween. Estate planning is not something to be spooked by. In fact, estate planning is something to embrace. Having a plan in place gives you the peace of mind that your assets are protected, your medical wishes are documented, and you have made provisions for your loved ones.
Scary stats: It is estimated over 120 million Americans do not have up-to-date estate plans to protect themselves or their loved ones in the event of sickness, accidents, or untimely death. Additionally, half of all Americans are unfamiliar with basic estate planning tools. Proper estate planning services may include creating a will to preserve and distribute property, establishing a trust to reduce taxes and probate costs, and making other end-of-life decisions.
Anyone who has children, assets or someone they care about should have an estate plan. Estate planning is an essential process that determines how your assets will be protected, managed, and distributed in the event you become incapacitated or upon death. Estate planning helps limit liabilities and minimizes taxes for yourself and your family.
Failing to plan, failing to update an estate plan, failing to coordinate beneficiaries, and forgetting to plan for disability and long-term care are common mistakes you want to avoid.
Clients frequently come to me who are unmarried without an estate plan. They think that because they have been together for a long time there are laws that will protect them yet the truth is the exact opposite. Together forever – without being married – means your partner could receive nothing.
Your estate consists of everything you own, including your car, home, other real estate, checking and savings accounts, investments, retirement, life insurance, personal possessions such as jewelry and furniture, and pets. Some of your loved ones might not benefit from your estate unless there are documents to explicitly designate how they are distributed. No matter how large or how modest, you don’t want the courts to decide how your property is distributed. Make sure your wishes are carried out the way you want.
The Law Offices of Max J. Paul is a seasoned and dedicated estate planning law firm that can advise you on creating various legal documents. Some estate planning tools to consider:
- Will
- Guardianship Designations
- Name or Update Your Beneficiaries
- Advance Directive for Healthcare
- Establish a Trust
- Probate and Trust Administration
- Bequests
- Name a Power of Attorney
- Special Needs Trusts
- Medicaid and Long-Term Care Planning
Don’t leave your estate plan to chance. Everyone has a lot to lose when they engage in inadequate estate planning. Tailoring your estate planning documents to satisfy your unique needs is our goal. We will first review your assets and wishes. We will then develop an estate plan that safeguards those wishes and ensures all legal instruments comply with the law.
Time and again, we guide clients through the estate planning process to so that they and their loved ones are as fully protected as possible. Speaking with an experienced estate planning attorney now will give you peace of mind later, as well as save you money in the long run.
We encourage you to contact our office to schedule a free virtual or in-person consultation to review your estate planning documents. We’ll discuss in detail those “tricks and treats” to help you avoid spooky estate plan situations.
Feel fa-boo-lous about your estate plan this Halloween (and always). Whether you are considering an estate plan for the first time or revisiting documents to make sure they still reflect your intentions and comply with the law, contact us at 561-807-1977 or email max@maxjpaul.com.