Tip: Do I Need an Estate Plan?

Estate Planning is necessary for the orderly and efficient administration and transfer of your property upon your incapacity or death.  An estate plan can be designed to discourage litigation about the distribution of your estate, to protect an inheritance from falling into the wrong hands, such as a beneficiary’s creditors or during a divorce, and to preserve a beneficiary’s governmental benefits.

Having a last will and testament isn’t enough.  Your estate plan needs to be a comprehensive plan which takes into consideration the particular types of property that you own, including business interests, your family dynamics, and whether your beneficiaries have special needs.

An estate plan should coordinate assets that may not pass through your will, such as life insurance or other assets naming a beneficiary.  Otherwise, the estate could be used for purposes that the individual did not desire.

 

 

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