People don’t often realize that they have an estate, because the very concept feels like it is something that only belongs to those with fantastic wealth and property. But everybody has an estate – if you own a home, furniture, artwork, a car, or even your children, and pets. An estate is an enigmatic catchall term, but when a plan is not in place, it can become muddled in unnecessary legal proceedings.
Here are a few things that you should keep in mind when you begin planning for your estate. You should keep in mind that the plan must be updated, especially when major changes occur in your life – such as your children reaching the age of majority, or in case you gain or lose property. By updating your estate plan at least twice a year, you can prevent future legal hardships for your family in the worst case scenarios.
By updating your list, you are preparing for a future where you won’t be in it, which is the most often cited reason for people to put off planning out their estate. This can be a costly mistake, as without a will or a trust, your estate will go through probate court and a third party, oftentimes appointed by the court without input from your family, will decide on what happens to your estate. This can include the care of children, pets, and important medical and financial decisions that you may have thoughts on, but did not put down in official, legal writing.
Your estate does not have to be put into the hands of an uninterested third party, you can put it in the care of somebody you know and trust, who will execute your will precisely how you wish.
Our agents are specialized in estate planning and are experts in guiding our clients to pinpoint precisely what they need in their estate plan. No two people are the same, and it is our belief that your estate plan should be tailor made with you in mind. We understand that this is a difficult topic to tackle, but far too many people pass unexpectedly without a secure estate plan put into place. This can cause immeasurable pain on top of the grieving process for your family. Nobody likes to think of a world without them in it, but an estate plan can help mitigate an already difficult process and keep the courts out of your family affairs.
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All Faith Financial Services
260 Northland Blvd #119
Springdale, OH 45246