Estate Planning is Not Just for the Very Wealthy
It is a common misconception that estate planning is for persons who possess large/multiple properties or have vast amounts of wealth. Nothing could be further from the truth. Estate planning is about taking control of your future, and ensuring your wishes are honored in life and after death.
Many people give more consideration to vacation plans, weddings and even the fastest routes to work than they do estate planning. Think about it this way: if you had to explain your vacation plans to your travel partner, you likely would not say, “You are going to go some places and do some stuff. I’m sure you will figure it out.” By not completing your estate planning tasks, that is essentially what you are telling your loved ones. The more carefully thought out and put together your last wishes are, the easier it will be for your family to honor your requests and your memory.
What Belongs in Estate Planning?
Another common myth is that estate planning means writing a will and putting it in a sock drawer for safekeeping. An even more misguided piece of advice is to find an online template to draft the will. These types of do-it-yourself designs often leave out crucial pieces of information and word things in such a way that the wills are open to multiple legal challenges. Crucial documents for estate planning are:
- Wills, trusts and power of attorney
- Tax planning, estate tax avoidance and asset protection
- Living wills (advanced care directives)
- Charitable giving
Legal Guidance for Estate Planning
When it comes to estate planning, you want your documents to survive any court challenges. This is even more important for a living will, or advanced healthcare directive. If you become incapacitated, your advanced healthcare directives will take the burden off of your family. They will not have to make the most difficult decisions, because you have already made them.
Do not leave the hardest decisions to your loved ones at one of the most difficult times in their lives. Contact Turner Law today for compassionate and thorough estate planning.
Posted on the behalf of Turner Law, LLC