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A basic will is certainly better than no estate plan. And if you never get around to creating even a simple will, the state has a default plan already in place for you. Unfortunately, the state’s plan might be contrary to your wishes. Plus, all your probate assets will be a matter of public record, and following the state’s default plan will likely be slow and expensive.
An estate plan is important for people of all ages. A thorough estate plan includes documents to address healthcare needs in case you become incapacitated, it allows financial obligations to be addressed if you are unable to do so in case of disability—short- or long-term. Most important, these documents express your wishes as to who should care for your children if you are unable to. It might not feel urgent, but an estate plan is an invaluable gift to your family.
Possibly the most common estate planning myth is that the typical family does not have an “estate.” In fact, an estate refers to things you own, such as a home, a car, or a bank account. Establishing an estate plan not only provides direction, but offers guidance for loved ones during a difficult time.
Although money can be the motivation behind creating a will or trust, estate planning affects families far beyond the handling of finances. Estate plans make things easier for loved ones during a time of loss and grief.
The idea of estate planning can be especially daunting. Although estate planning can present some complex issues, addressing those issues is critical. At TuckerAllen, uncomplicating the complicated is what we do...
Many people postpone estate planning because they think it is too complicated, too expensive, or not necessary for their family. However, estate planning does not have to be difficult, and the average person can and should have an estate plan that is easily...