Estate Plan – Do You Need One?
Often I get the question, “Do I really need an estate plan?” This question comes from young people, people with modest asset levels and people with a “who cares, I will be dead attitude”. The answer to the question is WE ALL NEED AN ESTATE PLAN. The latest surveys show that only 55% of Americans have any type of estate plan. If you do not make the investment to implement your plan, the state of Oklahoma has a plan for you. The dispositions under Oklahoma’s laws of intestate succession are undoubtedly not how you would choose to leave your assets.
Here are just a few reasons to get your plan in place today:
- Without a plan you can’t control the taxes, legal fees, administrative costs and time it takes to settle your estate.
- It is a great gift for your family. Who really wants to meet with and pay attorneys when they lose a loved one?
- It prevents the “morbid scavenger hunt” where people have to try to find all of your assets.
- It allows the people of your choosing to access your assets in the event of a disability or death without court involvement.
- You can ensure the assets are protected from your children’s spouses and creditors.
- You can protect the assets from your surviving spouse’s new partner.
- It allows you to give what you have, to who you want, in the way you want while minimizing the costs and taxes.
- You can ensure you don’t disqualify persons who are receiving government funding by passing your assets to them in the proper way.
- You can elect not to be kept alive if you are not coming back (like the Terry Shiavo case).
- If you weren’t able to instill the values you want in your children while you were alive you can incentivize them through your estate plan (or at least not disincentivize them).
If you would like a complimentary consultation to discuss your estate plan, please contact us.