What is Estate Planning Really?
What is estate planning really? Before you stop reading, you need to know that you do have an estate!
Hardly anyone says they want to let the Government have complete control of their lives. Yet, they won’t put a plan in place to build a barrier between their life and letting the Government have complete and utter control.
Estate planning is about staying in control instead of letting a Judge and the State make your personal, financial, legal, inheritance, and healthcare decisions. Estate planning is about building a barrier between you and Government control of your life.
- Your assets during your lifetime. If you can’t conduct business or manage your own affairs, the court, not your family and you, determine how your assets are used to care for you through a process called guardianship. Guardianship means that somebody must step up and ask the court to manage your affairs. And they don’t get unlimited authority. They must report to the court every year about your well being and finances.
- How your estate is distributed to your family and loved ones. If you don’t plan, then the State has determined who gets how much and when. The problem, they haven’t said who gets what. Your estate may end up being sold and the cash distributed. The other problem is that the State also determines how much your spouse gets and how much your children split.
- Your dignity. If you don’t have a plan, the State and doctors have a plan for managing your final hours. If you can’t make decisions, they’ll make them for you.
Given a choice – and the choice is yours – wouldn’t you like these issues handled by your family in private instead of being drug through the courts? Wouldn’t you rather keep control off who gets what, how much, and when? Wouldn’t you rather go out with dignity on your terms?
Knowing that you have a plan in place – one that puts you firmly in control – gives you and your family immediate peace of mind. This is one of the most thoughtful and considerate things you can do for your family and loved ones.