While many people think that they don’t need an estate plan, because they don’t think they have enough money, that often isn’t the case. There are many reasons to have an estate plan.
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It is likely that if you are over the age of 18, you need some estate planning.
While that may be minimal, such as a Healthcare Power of Attorney and a Financial Power of Attorney and a simple will, these documents can allow your loved ones to be involved in your healthcare decisions if you are incapacitated.
If you have any assets at all, you may want to decide where they will go after you die. If you die with no estate plan, the laws of the state and a judge will decide where your assets go. This is a costly and time consuming process, which can eat up 5-10% of your assets in court costs and attorney fees.
If you have a Will, your assets will still need to go through the probate court. A Will provides the judge with guidance, however, you still are facing the cost and delays of being in probate court.
A Trust allows you to make decisions about your assets and avoids probate court. Many of our clients think trusts are just for wealthy people, but trusts are often the best document to transfer and protect assets.
Even if your assets are truly minimal, estate planning is essential if you have children. You should pick a guardian for your children, should something happen to you.
Estate planning is an incredibly useful tool to plan for your future, your loved ones, and your assets.
If you would like more information, or if you need help determining what type of estate planning documents are right for you, contact Rickard & Associates today.
Contact us today to help you get the right documents in place or to update your current estate plan. We will plan so that you don’t have to worry about your future.
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