Estate Planning: What is it?
If you judged it by its name alone, you’d think that estate planning would have to do with designing a stately manor, or perhaps an extensive garden. In reality, Estate planning is actually “planning out” what happens to all of your property after you pass. This includes things such as: your home, car, jewelry, baseball card collection, and even beloved pets. This can be accomplished in a manner of ways, including through the drafting of a Will, or the creation of a Revocable Living Trust, to name a few.
The risks of not having anything in place can be immense, including not knowing where your property and assets will go. It includes not knowing how long it will take for your loved ones to receive that property (it could go on for years). It could also include your loved ones having no choice but to sit back and watch as property ends up in the wrong hands by having substantial portions of that property taken and sold for administrative and probate fees. In some situations, it includes your property ending up in the wrong hands. This is why it’s crucial that you have a plan in place.
The Legacy you’ve built deserves to end up in the right hands. Make sure it does. Schedule an appointment to create, or update, your estate plan today.