Estate Planning
Contact UsWhy You Should Consider Estate Planning?
When most people hear "estate planning," they do not believe the words apply to them. It's mistakenly believed that it's for individuals with assets beyond our reach. Another misconception is estate planning can wait. We're too young, have plenty of time, and don't want to consider our mortality. But estate planning is a sound life decision. If you have property, insurance, vehicles, investments, personal possessions, financial accounts, etc., you have an estate.
Isn't Estate Planning Another Way Of Saying I Have A Will?
A will is a document used to protect assets in the worst of times. The estate plan specifically guides management in everything from medical care to finances for you, your business, and your family throughout your life and beyond. It also can help to minimize state taxes and legal red tape.
Components Of Estate Planning
An estate plan entails many elements, but the basics are:
Power Of Attorney
Power of attorney is given to a person to manage affairs. The person can be a spouse, adult child, friend, lawyer, business partner, etc.
Wills
When the time comes, wills detail instructions for asset distribution. The document goes through probate. When it comes to probate, careful estate planning can navigate many of the court's pitfalls.
Trusts
A trust comes with benefits that you cannot include in a will. It holds instructions regarding assets and care that are essentially out of the court's reach. A revocable trust explains how assets are managed before and/or after passing.
Your Future
Not accounting for assets can be a hazard when what happens to them isn't legally outlined. Not surprisingly, estate planning is a complex process. Regardless of your finances, age, or how you view your estate, consult a professional about protecting it. You'll be confident knowing you and your loved ones are ready in case of circumstances beyond everyone's control.
Tina Wells Lee & Associates and LPL Financial do not provide legal advice or services. Please consult your legal advisor regarding your specific situation.
LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.