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Monday, September 22, 2014

Estate Planning

"HAVE you taken care of your estate planning?" This is often the first question I ask people who come through my doors. The typical answer is "not yet, but I know I should". Yes, you should. The unfortunate fact is that nearly 55% of Americans die without a proper Will and many people become incapacitated without a Power of Attorney in place.

Why is this a problem?

Without a proper Will in place, your assets may not be distributed the way you would like and a messy court battle could ensue between your heirs. Having a Will in place ensures that your estate will be administered by the person of your choosing, you choose the disposition of your remains, you choose who will become the guardian of your minor children, and you have a say in how your estate is distributed. For example if you want to ensure that your child graduates from college before they receive their inheritance, you can do that! Without a Will, your estate is essentially up for grabs.

Without a Power of Attorney in place, if you become incapacitated the court would be required to appoint a guardian to make decisions for you. With a power of attorney in place, you choose who you would like to make your financial and medical decisions. 

Why doesn't everyone have their estate planning done?

Because nobody likes to think about their own mortality or the possibility of becoming incapacitated. This is human nature and completely understandable. However, if you want control over what happens to you and your estate, then proper planning is an absolute MUST.

If you are interested in learning more about what estate planning would be best for you, contact my office today!