Estate planning was once a buzz phrase reserved only for the wealthy. However, today many people are beginning to realize that estate planning is important for everyone. Anyone who has assets, no matter how small or wants their medical wishes carried out should have an estate plan.
The infamous notion
Estate Planning was once a buzz phrase reserved only for the wealthy. Some find the idea of estate planning morbid or negative and prefer to ignore it rather than think about it but this is simply avoidance of the facts of life. Others take a “let’s just get it over with” approach to estate planning; this is also not recommended because errors could be made when creating a “rushed” plan
Why is estate planning important?
Anyone who has assets, no matter how small or wants their medical wishes carried out should have an estate plan. If you have no easily identifiable heirs, the lack of a proper estate plan and/or could/will result you in all your property ending up in the hands of the government rather than in the hands of those you designate. Your life insurance policy may clearly assign the beneficiaries of that money, but it does not account for the other assets you may have, including cash, your home, real estate, car, bank accounts, valuable collections and other belongings.
Without a proper estate plan you could be kept on life support indefinitely, or be forced to endure painful lifesaving procedures that would only serve to prolong a debilitating terminal illness.
The RNS approach
You will be given information on particulars of estate planning such as how-to properly plan for the future distribution of your assets, how-to establish a power of attorney, create a Will in Testament and prepare a Living Will. We will also cover trust funds, how best to incorporate charitable giving into your plan and how-to take proper inventory of the assets you have now.
It is wise to put a well thought out estate plan in place that you feel confident about, put it aside, and get about the business of living and enjoying your life. It will give you peace of mind to know that when the time comes your assets will be distributed as you desire and your medical wishes will be carried out in accordance with your beliefs. Creating a simple estate plan is much easier than you think and can be done in a relatively short period of time.