If you don’t have a plan, the government will decide who gets what when and how much.
If you don’t have a plan, the government will determine who will manage your lifetime affairs when you are incapacitated and how they will be managed.
Without a well thought out plan, your family could owe more in taxes and fees than they should.
The phrase Estate Planning is Probably the Worst Choice of Words ever…
Maybe a better term would be “Personal Protection Planning” or just “Planning Ahead.”
The word “estate” conjures up images of big houses and a lot of money. Don’t let the word estate fool you. It doesn’t mean a big house and a pile of money to burn.
Estate in law means “the stuff you have” or a “collection of property.” We all have an estate. Even if it just your clothes, that is your estate.
But, you have much more important things to protect than just your stuff. You have a set of fundamental rights that can get ripped away by a judge. Naturally, you don’t want that, right.
You have the rights to:
- Make your own financial decisions
- Make your own legal decisions
- Make you own healthcare decisions – including refusing treatment
- Give what you have to who you want, when you want, how you want
- and much, much more…
Estate Planning Protects
Estate Planning protects your family and shows how much you love them by making a Last Will and Testament, putting a Durable Power of Attorney in place, creating a Living Will, making arrangements today, and more. . .
Are You Aware Without Your Estate Plan, the Results Can Be Devastating to You and Your Family?
|With a Plan||Without a Plan|
|Prevent Probate – Save Your Family From pounding headaches, large expense, and lengthy time||The State has decided how your stuff is to be divided and when people get it. All decisions overseen and directed by a Judge.|
|Stay in control of who gets your stuff, how it is used, and when they get it||The Law of the State and a Judge decide who, when, and how much. This is where most families end up fighting.|
|Control who manages your affairs and how when you can’t. Your private affairs remain private.||The State says somebody must step up and get a guardianship over you and your stuff. Then the laws and judges must be kept informed. Your private affairs become public.|
|Preplan for Long Term Care||Long Term Care becomes an emergency|
|Save Money – Probate, unnecessary taxes, and more||The cost of settling your affairs can be higher than you expect|
Get Your Affairs in Order
By putting your affairs in order, not only are you putting practical steps in place to ensure the well-being of you and your loved ones but you are also shaping your legacy in a meaningful way.
Deciding what will happen to your home, your financial assets, and your personal possessions after your passing can be a difficult process.
However, if you don’t take the time to make these decisions now, the courts may end up dividing your property for you. If you don’t take the time to plan, a court may decide to let somebody else make your decisions.
Both options take money and time that away from your family.
You have two choices, and only one of them makes sense…
You can continue as is and leave you, your family, and your assets at risk
Plan to positively impact those who love and need you so that even IF there were a situation where you can no longer financially or emotional support others, you can still maintain control over your life, money, and legacy while protecting you, your family, and your money.
Now, the Good News
What is Estate Planning?
Estate Planning protects you and your assets now and what you pass to your spouse and children later. Estate Planning is being prepared for the unexpected events of life.
Effective Estate Planning eliminates risks, doubts, and uncertainty. Effective Estate Planning keeps your assets out of jeopardy.
1. Estate Planning Consultation
2. Provide Needed Information
3. Documents Drafted & Presented
4. Documents Reviewed and Approved
5. Sign Documents & Fund as Needed
Frequently Asked Estate Planning Questions
A Will alone, no Will, and no Trust is like making a down payment on Probate!
A Will (Last Will and Testament) is a document that outlines what is to happen to your property.
- Name an Executor and alternate
- Name Guardians for minor children
- Decide how debts and taxes are paid
- Provide for loved pets
- Disown children
- Create a testamentary trust
A Will also acts as a backup for a living trust.
No, have a Will (or no Will at all) does not prevent probate.
A Will requires Probate (that is, the will is validated and admitted) and administration.
A Trust transfers property from one person, the grantor, to the control of another person, the trustee, to be held and used for the benefit of a third person, the beneficiary.
The Trust document is the contract between the grantor and the trustee on how to manage the property for the beneficiary.
The Trust owns the property, and you own the Trust.
A Living Trust is a Trust created by a person during their lifetime. The Grantor of the trust typically manages the Trust assets and is the beneficiary of the Trust.
If your Will creates a trust, it is called a Testamentary Trust.
A Revocable Trust is a trust that the Grantor and Trustee can agree to change during the Grantor’s lifetime.
A Revocable Living Trust is a Revocable Trust established while the Grantor is still living.
It is the most common type of Trust established to avoid Probate and Taxes. It can also protect children with special needs, addictions, and marital problems.
Not to be confused with a Last Will and Testament, a Living Will (Advance Directive) is a medical wishes document.
It is medical directives to healthcare professionals made by a person while competent that is to be used in the event that the person should become incapacitated or be in an end-stage medical condition, i.e., a terminal condition or a state of permanent unconsciousness.
A Power of Attorney is a written document signed by a competent individual that authorizes another to act as the individual’s agent, typically in financial or medical matters.
If it is a Durable Power of Attorney, the authority to act by the holder of the power, the Agent or Attorney-in-Fact, survives the incapacity of the maker.