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If you have not discussed estate planning with your family, now would be a great time to do so. In honor of National-Make-A-Will month in August, we wanted to take the opportunity to build awareness about the importance of estate planning and preparing yourself and your loved ones for the future. There is more to estate planning than you might think, and it is more extensive than just generating a will. Today, we break down what an estate plan is and the services we have to offer.
Estate Planning 101
Failure to plan and set your loved ones up for success after your death, could have unintended consequences. Without a will in place, your loved ones might have to face a costly probate process. Just gathering assets and paying off debts during the probate process could take months to years to complete. Instead, ensure your family is well prepared in the event of your incapacitation and/or death by generating an estate plan.
What Is an Estate Plan?
Estate planning is the process of determining how an individual’s assets will be preserved, managed, and divided in the event of their incapacitation or death. This includes settling estate taxes and assigning heirs.
What Is Included in an Estate Plan?
A typical estate plan will include, at minimum, a durable power of attorney (POA) and a will. A POA gives someone else permission to handle matters for you, including finances and healthcare decisions. Sometimes a trust is also included to avoid probate and ensure proper beneficiary designations. You might also want to consider a medical directive to allow someone else to make important medical decisions on your behalf.
What Are Beneficiary Designations?
Beneficiary designations are individuals you name to inherit the distribution of your property and assets. If you do not name a beneficiary, these steps may be taken care of by state or federal law. The only way to control the distribution of your assets is to make beneficiary designations at the time you create an estate plan.
Our Estate Planning Services
With our estate planning package, you can provide your family with peace-of-mind as they handle the details of your estate. We offer a flat-fee estate planning package that includes the following:
- Last will and testament
- Statutory durable power of attorney
- Medical power of attorney
- Directive to physicians
- Declaration of guardian (for self and minor child/children)
- HIPAA Release
- Appointment of disposition for remains
Consult with Us Today!
It is never too early to start planning for the future. Whether you need to get started on your estate plan or are considering reviewing documents and beneficiary designations, we can assist you. We will work with you every step of the way to ensure your last wishes are honored and your family is set up for success.
Contact us online today or give us a call at (832) 781-0320 to book a consultation and get started on your estate plan.