It is a new year and that means change. Moreover, have you ever had a 3-year period in your life without any changes? Likely not!
Many people mistakenly believe that estate planning is only for the ultra-wealthy. The fact is every family should have an estate plan of its unique challenges. Without an estate plan, the state controls how your assets are distributed and who may or may not be cared for once you’ve passed.
Remember, the government is not interested in streamlining the distribution of your assets, minimizing taxes, reducing costs, and ensuring your wishes are carried out. It’s one size fits every family!
Another reason to have an estate plan of your own is to ensure that you will be able to control who makes important medical and financial decisions on your behalf if you become incapacitated.
Without a properly designed and implemented plan in place, someone you may not approve of could petition the court for control over your medical care and your assets. This could very well be someone that you would never have chosen yourself to make the most important decisions on your behalf.
Ask yourself, would you build anything without first ensuring you had a solid foundation in place first?
At a minimum, your foundational estate plan should include:
- Revocable Living Trusts
- Pour Over Wills
- Powers of Attorney for Finance
- Health Care Directives
- HIPAA Authorizations (access to medical information)
- Proper Asset retitling
Is your Estate Plan ready for when you need it most? When was the last time you had a personal Estate Plan “check-up?”
If you had your Estate Plan completed over 3 years ago, it is time for an Estate Plan “check-up.” Please click here to access our Estate Planning Check-Up Checklist.
If you would like to talk more about your specific situation or have made a New Year’s Resolution to start your estate planning process for 2023, contact our team at Borkuslaw Group today and make a live or online appointment!
Please note that information contained in this news alert is not and should not be construed as legal advice or opinion nor does this information alert create an attorney-client relationship.