No, it’s not a stupid question. We hear that question all the time: So, what exactly is estate planning anyway? If you’re like most people you have a general idea of what it means, but details would be helpful.
Estate planning is a process that helps you to set goals, leave a legacy, and stay in control. It is more than just who gets what and when. It also ensures that your health care wishes are honored and that children and surviving spouses are cared for without court intervention.
Are Estate Plans Just for the Rich?
Many people think that estate planning is only for the rich. This is absolutely not true. Your estate is all the property you own at your death: real estate, bank accounts, stocks, bonds, investment accounts, life insurance, retirement accounts, and your personal property such as cars, jewelry, antiques, and art….even your roller skates.
What Can an Estate Plan Do?
If you’re like most people, you are wondering what can an estate plan do? Your estate plan provides for your care and management of your assets should you become incapacitated. It also identifies trusted loved ones who will step up and handle bills and other decisions that you cannot handle. Planning with a fully funded Revocable Living Trust can save federal estate taxes, provide asset protection for loved ones, avoid probate, and support family goals.
In addition, an estate plan may include provisions dictating what kind of end of life medical treatment you wish to receive. Funeral arrangements and messages to loved ones may also be included.
Your estate planning attorney can help you to set your estate planning goals and walk you through the process of achieving them. He will explain your options and be sure to ask questions. If you have any questions about what is included in an estate plan or what goals can be achieved with an estate plan, please feel free to call our office. We’d love to hear from you. 858-792-5988.