Estate planning involves a lot of different steps, such as listing your assets, deciding if you want to use trusts, writing a will, creating a medical directive, using powers of attorney and much more. You really want to take the time to think of everything; don't just assume that you can write a will and call it a day.
Estate planning means planning for the future, and you need to go beyond simply writing a will. One of the documents you may want to consider is a medical power of attorney.
Many Dayton residents believe that they don't need to do any estate planning. After all, they may reason, they are young, unencumbered and living paycheck to paycheck.
Have you never bothered to draft a will or do your estate planning? If you talk to friends, co-workers and family members, do most of them say that they have not done it either?
It's never too early to start thinking about planning your estate. If you are a young adult, it's likely that you don't have a lot of assets, and therefore you may think that planning your estate is unnecessary at this stage in your life. However, the benefits of planning your estate go far beyond the distribution of assets.
You and your partner have been together for the last 20 years. You were both coming out of other marriages -- via divorce -- when you met. You agreed that, while you were committed to each other, you did not want to get married again. It did not seem worth it to go through the whole process.
There are a lot of estate planning myths out there. People give bad advice about how to avoid estate taxes. They don't understand how trusts work. They think that only the super-rich need to have an estate plan.
Do you have goals for your estate plan? It's different for everyone, but figuring out your goals is a great place to start. When you know what you want that estate plan to do, you can start working with that in mind, and you can learn about all of the options that will get you to that desired outcome.
Before doing your estate planning, you decide to look up the average life expectancy in the United States. If things go as planned -- if you don't get into a car accident, for instance, or suffer a fatal injury at work -- you want to know how long you have.
For many people, a major motivation in planning their estate is making sure that their loved ones are not under a great deal of stress with administrative responsibilities at the end of their life. By taking their time to plan out their estate, perhaps even creating trusts to avoid the probate process, their loved ones are likely to be relieved of many of the bureaucratic processes while they are grieving.