Legal Talk - Estate Planning 101
What Is Estate Planning?
Estate Planning is simply a name for the process of transferring property and assets from one generation to another. An "Estate" is the total property and assets owned by an individual prior to distribution through a Will or Trust.
Many people assume that "Estate Planning" is only for the rich, but this is a big misconception. Estate Planning is for everyone; there are no minimum asset requirements. Many people do not think they have enough assets to justify estate planning, but if they have ANY property or assets, there are estate planning concerns. Planning is especially important if there are minor children.
Why Should I Do My Estate Planning Now?
Most people put off estate planning because it involves more than listing what assets are owned and who is to receive those assets when someone passes away. Estate planning involves attitudes and feelings about death, property ownership, business arrangements, marriage and family relationships. Adult children will often put off talking with their parents about their estate because they do not want to appear greedy, or because they cannot imagine a time without their parents. Parents may also avoid talking to their adult children about estate planning because they do not want to hurt feelings, or they truly are not aware of all the options that are available to them. Although it may be uncomfortable talking about these things, it is worth spending some time and money to avoid the confusion, delay, expense and quarreling that is almost sure to occur if someone dies without a plan. If a plan is not made, state law will decide what happens to the estate, regardless of what the deceased may have intended.
When Should I Start?
The best time to start estate planning is NOW...before it is too late! With estate planning there is no second chance. No one likes to think about their own mortality or the possibility of becoming incapacitated. This is exactly why so many families are caught off guard and unprepared when incapacity or death strikes. If there are assets, including bank accounts, brokerage accounts, life insurance, retirement accounts, minor children or equity in your home, now is the time to start planning.
To get in direct contact with an estate planner, contact Jim Burch at 801-696-5995 or by email at jim@easylegalplanning.com. We, at The Roxburgh Group use his services and advice regularly and we cannot recommend him highly enough. Give him a call today!
Estate Planning is simply a name for the process of transferring property and assets from one generation to another. An "Estate" is the total property and assets owned by an individual prior to distribution through a Will or Trust.
Many people assume that "Estate Planning" is only for the rich, but this is a big misconception. Estate Planning is for everyone; there are no minimum asset requirements. Many people do not think they have enough assets to justify estate planning, but if they have ANY property or assets, there are estate planning concerns. Planning is especially important if there are minor children.
Why Should I Do My Estate Planning Now?
Most people put off estate planning because it involves more than listing what assets are owned and who is to receive those assets when someone passes away. Estate planning involves attitudes and feelings about death, property ownership, business arrangements, marriage and family relationships. Adult children will often put off talking with their parents about their estate because they do not want to appear greedy, or because they cannot imagine a time without their parents. Parents may also avoid talking to their adult children about estate planning because they do not want to hurt feelings, or they truly are not aware of all the options that are available to them. Although it may be uncomfortable talking about these things, it is worth spending some time and money to avoid the confusion, delay, expense and quarreling that is almost sure to occur if someone dies without a plan. If a plan is not made, state law will decide what happens to the estate, regardless of what the deceased may have intended.
When Should I Start?
The best time to start estate planning is NOW...before it is too late! With estate planning there is no second chance. No one likes to think about their own mortality or the possibility of becoming incapacitated. This is exactly why so many families are caught off guard and unprepared when incapacity or death strikes. If there are assets, including bank accounts, brokerage accounts, life insurance, retirement accounts, minor children or equity in your home, now is the time to start planning.
When Preparing An Estate Plan, Generally There Are Three Options:
- Doing Nothing
- Preparing A Will
- Preparing A Trust
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To get in direct contact with an estate planner, contact Jim Burch at 801-696-5995 or by email at jim@easylegalplanning.com. We, at The Roxburgh Group use his services and advice regularly and we cannot recommend him highly enough. Give him a call today!
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