Estate Planning

   Do you have a Will or other estate planning in place?

    We tend to think that preparing a Will is like preparing to die, and therefore we tend to put it off.  Or we think it is just about the stuff we own and figure our stuff isn't worth enough.

    The truth is, everyone should plan his/her estate.  People die unexpectedly every day.  While there is a plan set forth by the State for what happens to your estate if you don't leave a Will, you should be sure it matches what you want to do. The State plan is based on what most people generally want to do, but unless you prepare a Will you have no ability to vary it.

    Do you have minor children?  What will happen to them if you die unexpectedly?  Did you know you can nominate someone to become their guardian?

    Have you been divorced, but want to leave something to your ex anyway?  Do you have step children you would like to leave something to?  Do you have someone important in your life who is not a relative, but whom you would like to leave something to?  Do you have a spouse or child who is disabled and receiving benefits?  These are all situations that the State plan does not provide for.

    A Will can be very simple or very elaborate.  A simple Will can be a low-cost way to give your loved ones peace of mind.  Without a Will, the probate process requires more paperwork and can be more burdensome.  While a Will alone won't keep you out of probate, it will simplify the process and will make it much easier for the person who has to make it all happen.

    Trusts can be a good estate planning tool as well.  They must be used with caution, as the IRS has changed a good many rules about trusts in recent years.  While they are not for everyone, they can address several types of needs.