ESTATE PLANNING BASICS: PROTECT WHAT’S NEXT, TODAY
Estate planning is one of the most popular reasons people seek legal help. But did you know that 67% of employees don’t have a will? The reason? Most Ameri- cans say they simply “haven’t gotten around to it.” But what is an estate plan, why is it important, and when is the best time to com- plete one? Let’s take a closer look at the importance of estate planning and how a legal plan can help your employees prepare for their future. What is estate planning? Estate planning is the process of designating who will receive your assets in the event of your death or incapacitation. Besides the obvious turmoil caused by these circumstances, not having an estate plan causes uncertainty and unnecessary hardship for everyone involved.
Disagreements can arise regarding how to care for an unconscious loved one. In the case of death, family members may have to go through a long, painful, and expensive process to recover assets or establish guardianship of children. Overall, an estate plan provides the necessary protections and safeguards to ensure that your life, property, and other wishes are met when you are unable to express those things yourself. Estate plans are typically comprises three things: • A will • A living will • A power of attorney How to work with an attorney to complete an estate plan
So now that you have a basic understanding of estate planning, what is the best way to work with an attorney to com- plete these documents? Start by organizing what you need: outline your objectives regarding how you want to distribute your assets; inventory them and estimate your outstanding debts; and prepare a list of family members who need care as well as who would be your beneficiaries.
1. https://www.cnbc.com/2022/04/11/67percent-of-americans-have-no-estate-plan-heres-how-to-get-started-on-one.html 2. Ibid.
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