Estate Planning - Get Started!

Something Everyone Needs

Most  Americans do not have the essential legal documents needed for proper estate planning, such as wills and living wills, according to a new survey by the legal Web site FindLaw.com. 

According  to the survey, 55 percent of Americans do not have a will to specify  the handling of their estate after they die.  Two-thirds of Americans  lack a living will in case they become incapacitated or terminally ill.   In addition, those with a will often fail to keep the document updated.   

Here is a sample of what a comprehensive estate plan can accomplish:

•  Provides financially for your spouse, dependent children, and others  after you die. Financial planning is something you do to build your  wealth. Estate planning is something you do to help ensure that the  assets you accumulate during your lifetime go to the people you want to  benefit from them.
• Arranges for the care  and financial well-being of your young children should both you and your  spouse die while they are still minors.
• Legally transfers your property to your beneficiaries.
• Controls, even after your death, the access of your beneficiaries to the money and other assets you leave them. 
•  Ensures that the maximum amount of your estate goes to your  beneficiaries rather than toward paying probate costs, legal and  executor fees, and other expenses. 
•  Minimizes the taxes your estate may be liable to pay and arrange for the  payment of any taxes that may be due (estate taxes are a concern only  for those of you who have substantial estates). 
• Minimizes any delays in the distribution of your estate's assets to your beneficiaries. 
• Minimizes potential creditor claims to your estate when you die and fund the debts your estate must pay.
• Plans for the future of your business should you become physically or mentally incapacitated, or in the event of your death. 
•  Arranges for the management of your finances and medical care should  you become so seriously injured or ill that you cannot manage your own  affairs. 
• Plans and funds your funeral and burial or your cremation.