Tuesday, April 17, 2012

Why Should I Plan My Estate?

Being in this line of work, I understand that no one wants to talk about their own mortality or the importance of planning for the unexpected.  However, by procrastinating in implementing at least a basic estate plan, you run the risk that your intended beneficiaries may not receive what you would want them to receive; whether due to administration costs, taxes, costs of long-term care or bickering among heirs.

These are just a few reasons why estate planning is so important, no matter the size of your estate.  It allows you to decide who will be in charge and to ensure that your property will go to the people you want, in the way you want, and when you want.  A more comprehensive plan can permit you to save as much as possible on taxes, court costs and attorneys' fees; while affording your loved ones the opportunity to mourn and grieve without being burdened with administrative matters.

All estate plans should include, at minimum, three important estate planning instruments: a durable power of attorney, a health care proxy, and a will. The first is for managing your property during your life, in case you are ever unable to do so yourself. The second is for making medical decisions in the event that you’re incapable of making them yourself.  And, the third is for the management and distribution of your property after death.

“Plan in advance to give your loved ones a chance, or procrastinate and leave it up to the state!”
For more information on basic estate planning, please visit my website: www.daviaulaw.com or contact me at nick@daviaulaw.com or (508) 797-3010.
Visit my elder law blog as well: http://worcesterelderlaw.blogspot.com/

11 comments:

  1. There are so many good reason to plan your estate. I know that estate planning in Minnesota is really important. Everybody should make sure they get that taken care of.

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  2. Nice post, very helpful for us.I will come back here again & again...:)
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  3. Thanks for the great info! Now I can get my estate planning in Tucson, AZ done. I sure hope everything goes well with it. I will tell you how it worked out. Thanks!

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  4. Great post! Thanks a lot for sharing this information. Cheers!

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  5. Most people that want to avoid estate planning want to avoid the fact that they could die at any moment. We never know when it's going to happen. It's going to happen to us all eventually so we need to be prepared for that day.
    Ron | http://www.stoneattorney.com/estate-planning.html

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  6. This has always been a hot topic between me and my wife. We both know we want to get started on it, however, we don't know when a good time to do that is.

    Jim Tracy | http://bpelaw.com/estate-law/estate-planning/

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  7. I like how you say that there are just a few reasons why estate planning is so important. You go onto explain that planning your estate allows you to decide who will be in charge. It also ensures that your property will go to those people you want it to go to. In the end, you also add 3 important elements to be included in estate planning.
    http://www.pgbblaw.com/PracticeAreas/EstatePlanning.aspx

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  8. I had no Idea how important it was to plan my estate. I wonder if I should even start working on it now. I think my parents have already planned their estate. I should ask them how and what all they did.


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  9. I agree, it seems like most people don't want to take the time to plan out their estate because they don't like talking about their own mortality. It also seems like a really long and arduous process. There seems to be so many details to go over when planning out your estate. It seems really important to have complete before you die though.
    http://www.severlegal.com/trust.html

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  10. This is great advice, thank you for sharing. I have been looking into estate planning and I think that it is a really good idea. I will be turning 45 next month and I think that it is time for me to get my things in order, just in case I suddenly pass away. I want to have everything taken care of so that my family wouldn't have to worry about any of that. If I suddenly pass away, that would be the last thing that my family would want to deal with.

    http://www.smithandtaborlaw.com/services

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  11. Great Blog..... Thanks for sharing the information..Actually Probate is the legal process whereby a will is proved in a court and accepted as a valid public document.
    probate law NSW

    ReplyDelete