The Importance of State Planning
one has an estate – so everyone needs an estate plan. The word “estate” encompasses all the things that belong to you, including your house, car, checking and savings accounts, investments, life insurance, and all other personal assets. Estate planning is the act of making arrangements, in advance, that declare who you wish to receive these assets upon your passing.
Regardless of the size or monetary value of your estate, it is important to make your plan ahead of time while you are healthy and able. Making an estate plan is important for several reasons – for both yourself and your loved ones. Your estate plan confirms and assures that, after your passing, your belongings and assets go to those people and organizations exactly how you intended. Another significant reason to make your estate plan is to lift the burden from your family, both now and during the challenging time of loss. You and your family can have the peace of mind that everything is planned and taken care of, and, upon your passing, your loved ones need not worry or argue over items in the estate as it will already be determined.
Although it is a tough topic of discussion, estate planning is far too commonly avoided by families. Many feel they don’t own enough assets, believe they’re not old enough, or are confused about the process and don’t know where to find help. In addition, many people simply do not want to think about these kinds of situations. However, when something happens to them – whether it be death, injury, or an illness effecting their ability to make decisions - their families are left to pick up the pieces and sort through the process.
Safe Harbor Wills & Trusts is here to alleviate your concerns, answer your questions, and provide comprehensive estate planning solutions for individuals and families. Each estate plan is unique to the individual’s needs and is created by the Safe Harbor team to fit those needs specifically. To get started with your estate plan today, please call our office at 315-203-1742.