3 Major Reasons Everyone Needs an Estate Plan
There’s a common misconception that only the very wealthy need an estate plan. Here’s the reality: Estate plans are useful no matter what your income or assets may look like. Simply put, estate plans are a crucial part of preparing for the future — and not just your future but also the future of your loved ones. Because of this misconception, estate planning doesn’t always enter the family conversation. It might be something they just don’t think about or don’t want to talk about. Having an open and honest conversation about the future — a conversation that includes topics like money and death — can be uncomfortable. But it needs to happen, just as every family needs to have an estate plan in place. Here’s why. It puts you in control. Even when you’re gone, your wishes live on. You designate your beneficiaries and direct exactly where your assets go. This can include setting up trusts to mitigate some of the educational expenses for future generations. Plus, when you know how you want to pass down your assets to the next generation, an official estate plan gives it legal weight. You get to assign the executor. You know whom you trust and who is capable of handling your estate when you cannot. When you appoint an executor, you’ll know your wishes will be carried out. If you do not have an estate plan and no executor
is named, a judge will appoint someone to handle the process — and it may be someone you don’t want in charge of your estate. Your heirs avoid probate. When a written will or plan doesn’t exist or can’t be verified, your estate may enter probate. This can cause all kinds of headaches for your family, including fees, extra paperwork, and possible court appearances. Having a legally sound plan in place doesn’t guarantee probate will be completely avoided, but it does make the process much easier. When it comes down to it, having this conversation with your family and an estate planning attorney gives you more control of the future. Even if you feel your wealth or assets aren’t of high enough value to warrant an estate plan, putting a plan in place helps your heirs avoid potential legal complications when you’re gone. More than that, it leaves everyone with peace of mind that no amount of money can buy.
Trivia
The Best Grilled Summer Vegetables Inspired by DinnerAtTheZoo.com
When did we have a president and vice president neither of whom were elected by the people?
Submit your answers to Email@JRPhillipsLaw.com.
INGREDIENTS:
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1 tsp salt
red onion, red bell peppers, baby carrots, and yellow squash are great on the grill)
1/4 tsp pepper
Correct answers will be entered into a drawing on July 31 for an Amazon gift card.
1 1/2 tsp dried Italian seasoning
1 1/2 tsp garlic, minced
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5 tbsp olive oil
2 lbs assorted vegetables, trimmed and halved (asparagus, mushrooms,
2 tbsp lemon juice
1/4 cup parsley leaves, chopped
DIRECTIONS:
1. In a small bowl, combine salt, pepper, Italian seasoning, and garlic. 2. Brush vegetables with olive oil and place in a large bowl. Top with lemon juice and seasoning mixture. Toss to coat evenly. Cover and refrigerate for at least 20 minutes but no longer than 2 hours. 3. Prepare the grill at medium-high heat. 4. Grill vegetables in batches, cooking 3–5 minutes on each side until browned and tender. (Carrots will cook longer, 6–9 minutes per side.) 5. Remove from the grill, sprinkle with parsley, and serve hot.
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