Estate planning is defined as the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Estate plans are set up with the help of an attorney experienced in estate law.
When Estate Planning, Do Lawyers Feel Intimidating to You?
At Being Financial, we hear that a lot from our clients. But what if you had a partner willing to sit with you while you met with a lawyer?
Sadly, many families fail to plan for this important part of their financial lives. Being Financial helps our clients get over the boundaries preventing them from doing the work with a good estate planning attorney, help implement the changes necessary, and help demystify the language used in a well composed estate plan.
Benefits of Estate Planning
- Protects your assets for your family (or other heirs) – An estate plan can act as a safety net that helps preserve the value of your assets, minimizes wait times for disbursement, and helps ensure the legacy you envisioned is carried out
- Gives you a say in who receives your belongings – By creating a will, you can name your assets, beneficiaries, and an executor who will carry out your wishes after you pass away.
- Allows you to choose who will make your decisions – An estate plan often contains a durable power of attorney form and a healthcare proxy form – two vital legal documents that ensure that your plan will be carried out the way you want it to. A durable power of attorney form appoints a trusted relative or friend to manage your legal and financial affairs should you become incapable. And a healthcare proxy form gives someone permission to make healthcare decisions for you based on your wishes if you’re unable to do so.