What is Estate Planning?
Many clients think estate planning is just a Will. In reality, it is a comprehensive strategy for managing your affairs if you become incapacitated or pass away. It is less about “death” and more about “protection” and “legacy.”
Why it matters:
- Asset Protection: Prevents your estate from being drained by legal fees and unnecessary taxes.
- Clarity: Reduces family conflict by providing a clear “instruction manual.”
- Minor Protection: Ensures children are raised by the guardians you choose, not a judge.
- Privacy: Certain tools (like Trusts) keep your financial affairs private, unlike a Will which becomes public record.
The Estate Planning Process:
We make the complex simple. Here is how we build your legacy together:
- Discovery: We review your assets, family dynamics, and long-term goals.
- Design: We craft a custom strategy using Wills, Trusts, and Directives.
- Execution: We finalize and sign the legal documents.
- Maintenance: We review your plan periodically to ensure it evolves with your life.
Common Misconceptions to Correct:
- “I’m not rich enough for an estate plan.”
- Truth: If you have a child, a house, or a bank account, you need a plan. Estate planning is about control, not just wealth.
- “My Will covers my Life Insurance.”
- Truth: Beneficiary designations trump Wills. If your ex-spouse is still the beneficiary, they will likely get the money regardless of what your Will says.
- “Once I sign the papers, I’m done forever.”
- Truth: Life changes (marriage, birth, divorce, moving states). Plans should be reviewed every 3–5 years.