Every year we make New Year’s resolutions. Promising to get that one thing done that was put off last year. Perhaps, you plan to read that book you have been hearing about, go on that vacation you’ve always dreamt about, lose that weight that has been bothering you, or most importantly, start planning for your future.
One of the important ways you can plan for your future is through setting up your estate plan. Cordell Planning Partners understands why people put off estate planning. It can be daunting when facing it alone. It comes with complex paperwork and confusing verbiage.
Too many people put off estate planning until it is too late. A life-changing crisis can happen at any time, leaving you vulnerable to losing your life’s work and finding yourself in an unfortunate situation that could have been avoided through proper planning.
What is Estate Planning?
In general, estate planning is the process of creating a plan detailing how your assets will be managed during your lifetime and who will inherit your estate to carry out your wishes once you have died. Regardless of the dollar value of their estate, every adult needs an estate plan.
According to Forbes, 51 percent of Americans ages 55-64 do not have wills. This is unfortunate as all states have a legal system in place to handle your estate in the event that you die without your affairs in order.
Should you become disabled without an estate plan, you leave it up to your residing state to decide who will inherit your estate. This why it is essential to start planning your future now, so that unintended beneficiaries cannot lay claim on your life’s work. It can also become a heavy burden for your family.
Losing a loved one can be hard enough. However, watching a parent’s estate land in the hands of someone else can add another level of heartache that you do not want to put your family through.
What should I consider part of my estate?
A good majority of people who do not have an estate plan believe it is because they do not have enough worth in their estate to pay for the actual estate plan itself.
What might surprise you is how anything that costs more than $100 should be included in your estate plan. Beyond focusing on your assets, it is important to consider your goals and wishes in the handling of your medical, financial, and personal affairs.
Estate planning involves more than the division of your assets upon death; it also involves the management of assets, financial matters, and medical decisions while you are alive yet unable to manage these things yourself.
Therefore, as soon as you enter adulthood it is important to start the first phase of the estate planning process by having a power of attorney for health care and financial matters. Once you start accumulating assets, such as a house or a 401(k), it is important to begin the next phase of estate planning by having a will or trust. It is then important to discuss circumstances with your Cordell Planning Partners attorney that may require additional planning.
Cordell Planning Partners is dedicated to providing smart solutions for seniors. We advocate for and serve within the senior community to ensure your future is protected as you enter into the aging process. Through our holistic approach and quality customer service, we hope to be your trusted advisor.
A Cordell Planning Partners attorney can help determine what options are best for you to help secure all you’ve worked for and begin your estate planning today. Contact Cordell Planning Partners today to set up your free estate plan analysis and begin to check off that New Year’s resolution.