You might be surprised to learn that you probably do have an estate. Virtually anyone who owns anything has an “estate.” Estate planning isn’t just for the ultra-wealthy. Although the term may invoke images of expensive cars, large properties, or expensive pieces of art, for the purposes of estate planning, the term “estate” covers a whole lot more.
What is an “estate”
Basically anything you own, including a home, car, bank account, jewelry, etc., is part of your estate. So, you likely have an estate.
What does estate planning cover
Putting your medical wishes in writing is an important part of planning. Estate planning covers more than just property. Suppose you’re homeless living under a bridge. You probably want to ensure someone you trust will make critical medical decisions for you if you’re unable to do so.
3 key advantages of estate planning
We know that estate planning is confusing, and we also know what it takes to create an estate plan that fits your needs. Here are three key advantages of estate planning:
- It allows you to select someone you trust to provide for you if you become incapacitated, without expensive and public court involvement.
- It lowers the costs of professional fees, court, and taxes at your death.
- It gives you the ability to give your estate to whom you want, the way you want, when you want.
Are you ready to chat with an experienced estate planning attorney to see how you can take care of these critical choices? The sooner you take care of your estate plan and get these important documents like your will and trust in place, the better. Get in touch with us today.