Believe it or not, you have an estate. In fact, nearly everyone does. Your estate is comprised of everything you own – your home, other real estate, your car, checking and savings accounts, investments, life insurance, furniture, personal possessions, etc. No matter how large or how modest, everyone has an estate and something in common with such estate – – (1) you cannot take it with you when you die, and (2) you cannot control that estate if you are mentally incapacitated.
To ensure your wishes are carried out, you need to provide instructions stating whom you want to receive something of yours, what you want them to receive, and when they are to receive it. In addition, you may also want to pass on your property or direct the control of your property, with the least amount paid in taxes, legal fees, and court costs.
That is estate planning – making a plan in advance that will explain who will handle your estate and who will receive your property. If you do not prepare a plan, the state has one for you and you probably will not like it. Too many people do not plan. Then, when something happens to them their families have to pick up the pieces.
At Snyder Burnett Egerer, LLP we can help you put together a plan specifically designed for your estate. We are experienced in drafting Trusts, Wills; Power of Attorneys for Management of Personal Property and Personal Affairs; Healthcare Directives; Transfer of Assets; Gift and Charitable Planning and many other estate documents. We use traditional and cutting-edge strategies to assist families in accumulating, protecting, transferring their wealth and minimizing taxes. We handle every estate plan with the utmost care and attention to detail.
Estate planning is for everyone – – not just the wealthy. None of us really likes to think about our own mortality or the possibility of being unable to make decisions for ourselves. This is exactly why so many families are caught off-guard and unprepared when incapacity or death does occur. Do not wait. You can put something in place now and change it later . . . which is exactly the way estate planning should be done. Knowing that you have a properly prepared plan in place will give you and your family peace of mind.