Estate planning should be more than just the simple drafting of documents. It can be the creation of a legacy, both personal and financial, that you leave for your family and loved ones. Estate planning is the process of creating a plan for your assets, property, children, spouse, and other loved ones in the event of your disability or death through the use of trusts, wills, and/or other legal documents. It should be a series of conversations and an ongoing process throughout your lifetime as you and your family grow and change.
Many do not do any estate planning or are interested only in “simple wills” that involve the use of forms with little individual planning due to concerns about cost. However, there are many “costs” associated with improper planning, having an inadequate will, or having no estate plan at all. This makes a complete estate plan an essential family need. Some of the many “costs” that can arise from improper planning are:
- Having your assets go to people other than those you intended.
- The failure of your assets to provide the maximum benefit to your beneficiaries.
- Extra administrative or probate expenses and legal fees.
- Delays in distributing your assets throughout the probate process.
- More taxes-both estate and income taxes must be considered.
- Damaging relationships between beneficiaries.
- Failing to protect beneficiaries financially, from themselves or others.
Estate planning is for everyone, regardless of your assets or marital and familial status.
Dana R. Wine and Wendi M. Freeman are members of WealthCounsel, LLC, an organization of national membership for estate planning attorneys. Freeman|Wine, LLC handles drafting of wills, trusts, healthcare directives, and powers of attorney. We provide you with a complete portfolio of estate planning documents and services through consultation with our clients regarding their individual situations and wishes. You should know your options and the consequences of your choices. We offer complimentary estate planning consultations so you the chance to talk to us about your estate planning questions and needs without risk or commitment. Please contact Freeman|Wine, LLC to discuss creating an estate plan to reflect the legacy you wish to leave.