Estate planning is one of those topics that's easy to put off.
Many of us think it's something to deal with later in life
when health declines or after a major loss.
But here's the truth.
You already have an estate plan.
The question is whether it's one you created or one
your state has decided for you.
A good estate plan gives you control.
Control over who inherits your assets.
Who takes care of your children if they're minors
and who makes critical decisions on your behalf.
If you become incapacitated. Without a plan,
the state steps in to make those decisions for you.
So where do you start?
There are five essential documents
you should consider as part of your estate planning strategies.
First, a will.
This outlines how your assets will be distributed
and names an executor to carry out your wishes.
Many wills also include something called a pour over provision
which moves assets into a trust.
This can help your estate avoid probate, a time
consuming and costly legal process.
Next is a revocable living trust.
This allows you to manage your assets
during your lifetime and ensures they're distributed as you choose
after your death, potentially benefiting your family for generations.
Then there's a power of attorney.
This document designates someone to manage your assets if you're unable to.
There are different types durable, springing, general.
Each with its own unique purposes, but all are designed to ensure
someone you trust is making financial decisions for you.
A health care power attorney is equally as important.
This allows you to name someone to make medical decisions on your behalf.
If you're unable to communicate or make those decisions yourself.
Finally, a living will.
This document spells out your wishes for life sustaining treatments
if you're terminally ill.
It doesn't authorize anyone to make decisions for you,
but ensures your preferences are clear.
If you already have an estate plan, don't forget to review it regularly.
Life changes like moving to a new state.
Getting married or divorced or having a child often mean
your plan needs updating.
Check to ensure your named agents, executors, and guardians are still willing
and able to serve and that your documents align with your current wishes.
If you're not
sure where to begin, don't worry,
you don't have to do it alone.
A team of professionals, your financial advisor, an estate planning attorney,
and an accountant can help you navigate this process.
We will ask the right questions and help you avoid common pitfalls.
If you don't have these connections yet, start with our team.
We can guide you and connect you with the right
resources. Taking control of your estate.
Plan is one of the most meaningful steps
you can take to protect your family and your legacy.
The time to start is now.
I'm Will Murphy, and it's an honor and privilege
to serve a select group of clients,
helping them to build, manage, and preserve their wealth,
balancing emotions and feelings with reason and logic.
Helping them to
improve financial decision making.
Thanks for watching.