The Basics of Estate Planning
To learn more about the basics of estate planning, click here to download our “The Basics of Estate Planning,” “Estate Planning Checklist,” and “Inventory of Assets and Liabilities for Estate Planning.”
Studies show that only about one-third of Americans have an estate plan. Reasons why many people do not have an estate plan include:
They have been procrastinating;
They do not know where to start;
They feel that estate planning is for rich people; and
They are still young.
As opposed to common misconceptions, everyone can benefit from having an estate plan regardless of their age, health, and wealth. Estate planning is not just about having a will or planning for who gets your assets after your death. It is also about making plans in the event of your incapacity.
Having a complete estate plan will ensure that when you need help with managing your financial and health care matters, the person who you wish to make these important decisions on your behalf will have the legal authority to do so, your preferences for medical care are honored and carried out, your loved ones are being taken care of after your passing, and your assets are distributed according to your final wishes.
Estate planning gives you the power to make your own decisions and prepare instructions for your family, friends, and physicians. If you do not have a plan in place, your family may be burdened to figure out what your wishes are and may have to go through court proceedings that could have been avoided. Also, the state’s inheritance law, not you, will determine who will receive your assets after your death.
A complete estate plan will cover your wishes and instructions regarding your finance and medical care during your lifetime and arrangements for your loved ones and assets after your death. It will give you and your loved ones the peace of mind they deserve.
To learn more about the basics of estate planning, click here to download our “The Basics of Estate Planning,” “Estate Planning Checklist,” and “Inventory of Assets and Liabilities for Estate Planning.”
Having an estate plan that suits your unique situation and meets your individual needs will help your loved ones to take care of you when you are incapacitated, ensure that your wishes are honored and carried out, and that your loved ones are being taken care of after your passing. It will also help to avoid unnecessary taxes, court proceedings, and family disagreements. For help with your estate planning, please contact us.
This article is also available in Traditional Chinese.
Disclaimer: The information on this website is provided for general informational purposes only and is subject to change without notice. It does not, and is not intended to, constitute legal advice. Accessing or using information on this website does not create an attorney-client relationship between you and the Firm, and it is not intended to do so.
