Lose the Legalese: What is an Estate Plan?
What the heck is an estate plan!?!?!
An estate plan is simply a written plan to make sure that your wishes will be honored and your loved ones cared for in the event of two possibilities:
1. Your Death
2. Your Incapacity (if you cannot make your own decisions because of a medical or mental condition)
Planning for Death
Someday we will all leave this earth. It is simply a fact of the human condition. Therefore, we need a plan. If we do not make one, the state has a default plan for us. We probably won’t like it, and I can promise you it will require court.
I am an attorney, and I avoid court. You should not be going to court either.
Court involves several disadvantages:
· The costs (we estimate 5% of the value of the property)
· The delay (minimum of 12-18 months even when no one is fighting)
· The loss of control (the judge decides not you)
· The loss of privacy (court is a public process)
When a child under the age of 18 are going to inherit, without a plan completed ahead of time, that child will receive the inheritance on his/her 18th birthday without any restrictions. This CANNOT be changed after you are gone. If you do not plan now, it is too late.
The planning process simply involves putting your wishes in writing about what how your loved ones should be taken care of if you pass and how your property should be managed and/distributed.
Planning for Incapacity
In today’s world, most of us at some point in our lives will be deemed incapacitated. That simply means legally we will be unable to make our own decisions about our healthcare or to manage our affairs.
If we do not plan ahead of time, you guessed it our loved ones end up in court. If we put a plan in place, we can avoid court and conflict.
That’s really as simple as it is. You rely on my office to put this plan in the format that will make it legally enforceable. We also help you have a family emergency plan in place so that those involved have copies of the documents they need and know the plan.
All you have to do is TAKE ACTION.
Use the following calendar link to book your Estate Planning Session: https://mklegalplanning.as.me/estate-planning-session
Sessions are available in person or virtually by video conference.
Or call us at 573-578-2848
The choice of a lawyer is an important decision and should not be based solely upon advertisements. This publication is for informational purposes. Nothing in this publication is legal, financial, or tax advice. MK Legal Planning recommends that you consult with an accountant or other tax professional in conjunction with an attorney to form an advisory team. This publication does not create an attorney-client relationship with the firm or its attorney. © 2019 MK Legal Planning.