IS A TRUST RIGHT FOR YOU?
You take care of your family and work hard for the things
you’ve acquired. You take the necessary steps during
life to ensure your family’s security and well-being and to
avoid paying unnecessary fees or taxes. Why wouldn’t
you put in the same effort to care for your loved ones
after death? Estate planning is often viewed in a negative
light; it can be confusing and expensive, and it requires us
to contemplate our mortality. A better way to view estate
planning is as a way to provide for your loved ones even
after your death — for most, an objective well worth the
effort. But there are many people who haven’t taken the
appropriate steps to ensure their estate is in order should
something happen to them. Whether you’re just getting
started or want to ensure your estate plan has the right
elements, this paper will help you take the next important
step.
A better way to view estate planning is as a way to provide
for your loved ones even after your death — for most, an
objective well worth the effort.
COMMON OBSTACLES TO ESTATE PLANNING
First let’s take a look at three most common reasons people avoid planning.
DIFFICULTY:
You have to think about your own mortality, consider who
should receive your assets and identify the people who
will care for your children and handle your assets after
your death. Although difficult, the results will likely be more
preferable than if you had passed without a plan in place.
In that event, state statutes decide who receives your assets, and the court names those who will care for your
children and manage your assets.
EXPENSE:
While there certainly is expense to having an estate plan
created (you’ll need to work with an attorney), the cost
is typically less than the additional expenses your estate
would pay in the event you die without any planning.
PLAN
CONFUSION:
There are countless state and federal laws that come into
play and a number of documents that might be necessary. Additionally, beyond just signing documents, there
is often additional planning, such as retitling assets, that
may be necessary. The benefit of working with an estate
planning attorney and your financial advisor is that they
can help you decide on the best course of action for your
needs and determine what should be done. In most cases, they can also help implement your plan. The reasons
above have some validity. When things are hectic, taking