Thursday, May 4, 2017

Attorney Shannon Wynn: Who needs estate planning? Everyone!



Wynn at Law, LLC clients sometimes have a shocked look when we bring up estate planning. “We're not dying!” “We're not old!” The best time to set in motion an estate plan is when you're neither old nor dying. No crystal ball or family tree can predict how or when you'll age, get injured, or pass on.
Estate planning is sometimes overlooked because a client doesn't think they have an estate. The fact is, everyone has an estate. Your estate is everything you own, including your car, home, other real estate, bank accounts, investments, life insurance, furniture, and personal possessions.

If you don't have a plan for these, the state has one for you

Wynn at Law, LLC works with you to ensure your wishes are carried out for whom you want to receive something of yours and when they are to receive it. Sounds like a will, right? A Last Will and Testament is part of the plan for when you pass on, but only scratches the surface of what estate planning entails. A thorough plan includes what happens if you're living, too.

You don't want the courts divvying up what's yours, but it will. Without an estate plan, the courts can choose how your assets are used to care for you through a conservatorship or guardianship. Those two, long, technical terms are the complicated way of saying you don't have a say in a process that's going to be open to the public and difficult to end even when you recover. An estate plan includes:  

·         Instructions for your care if you're suddenly disabled

·         Establishing a guardian for minor children if you can't care for them

·         Protecting property and assets from loved ones who might be irresponsible with money or their spouses, current or estranged.

While speaking of disability or death can be a morbid topic, it is a topic that can help you protect your being, your assets and your legacy. That is worth the peace of mind. 

 

*The content and material in this original post is for informational purposes only and does not constitute legal advice.

 

 Photo by, used with permission.

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