In many ways, the term “estate planning” is a misnomer. Though well-intentioned, it leads most people to believe it is all about money and taxes when, in reality, proper estate planning is really about protecting you and your loved ones.
So regardless of the size of your bank accounts or family, there are plenty of good reasons to create an estate plan. At Leigh Hilton PLLC, we help individuals and families understand the importance of estate planning and create a unique plan to pass their wealth, wisdom, and values to loved ones in the most efficient way possible. When done right, your estate plan will be current, take advantage of the latest planning opportunities, and address all your goals.
But if you are still on the fence, here are seven reasons why everyone needs an estate plan — including you:
Avoiding probate — Having a fully funded living trust can help you avoid probate. This can save you and your family the expense and hassle of going to court. A properly drafted will can make probate process easier.
Avoiding family feuds — Believe it or not, sentimental items often lead to more family fights than money.Creating an estate plan allows you to designate who receives family heirlooms, jewelry, art collections, and other precious possessions so that there is no question about who gets what after you die. Beneficiary forms — Making sure the right people are listed on beneficiary forms for IRAs, life insurance, retirement plans, and annuities ensures those assets pass directly to the beneficiaries quickly and efficiently. Dependents — Securing dependent care is huge. And by dependents, we mean children, grandkids, an elderly parent, a family member with special needs, etc. This can all be accomplished by establishing a trust in your estate planning.
Asset management — Naming the right person to manage assets wisely ensures nothing is mismanaged or depleted from your estate.
Business succession — If you own a business, you need a succession plan to determine what will happen to the business if something should happen to you. This is accomplished easily through estate planning.
Healthcare — This is your opportunity to define how your medical needs will be handled if you cannot make those decisions for yourself. This includes designating someone to make financial and healthcare decisions on your behalf. Making a plan for long-term healthcare is a critical benefit of estate planning.
Call Leigh Hilton PLLC today!!
Having an experienced estate planner in your corner will help you and your family navigate the often overwhelming waters that come with protecting everything you own and everyone you love. That is our job, and we would like to think we do it better than anyone else. Call Leigh Hilton PLLC so that we can help ensure you and your family are taken care of in the best way possible. Leigh Hilton PLLC wants to be your first call every time for any estate planning need. We look forward to serving you.