Estate Planning with Legacy Assurance Plan
It’s important to understand that the term Estate Planning is universal in its meaning. It literally has various meanings to different people based on their unique circumstances or experiences. For example, estate planning is different for homeowners, retirees, singles, widows, married couples and divorced people. Each of them faces different issues with joint owners, real estate and bank accounts. And each needs a different estate plan.
At its most basic, estate planning involves the process of preparing for life events, incapacity and, eventually, death. But don’t be fooled, estate planning involves much more than just having a will. A will is simply not enough to protect you from the legal processes of probate, guardianship and Medicaid qualification. Or provide any value to your family members if you become incapacitated. Or authorize anyone to approve needed health care or medical treatment.
Probate is the court-based process to distribute your assets after your death. While many in the legal profession believe probate is a fundamental and necessary part of the estate distribution process, others feel it should be avoided at all costs, citing that it’s outmoded, slow, expensive and simply unnecessary in today’s “information age.” Many planning options, such as beneficiary designations and revocable living trusts, exist that allow you to avoid the probate process.
Today there are a multitude of legal instruments and tools that can be used for planning: wills, living wills, powers of attorney, revocable living trusts, deeds, life insurance and beneficiary designations, to name a few. When you create a plan with Legacy Assurance Plan, you get to decide the best way to carry out your legacy.
Last Will & Testament
Nationwide, approximately 60-70% of Americans have no estate plan. No last will and testament, no trust, no legal documents whatsoever. If you are one of the 30-40% that have an estate plan, chances are you have only a simple Last Will and Testament. You probably also think that’s sufficient for your situation. However, is it? A Last Will and Testament is only effective after your death. If you become incapacitated, you’ll need additional documents, like powers of attorney.
Posts from our Blog
Summary: We all probably have slightly different ideas about what we want to happen to our wealth when we die. Chances are fairly high, though, that few if any of us have, as out preferred plan, leaving everything to the government. However, that can and...
Summary: Sometimes, the people who matter to you most may not always be the people with whom you share a biological or legal relationship. This is but one of many definite reasons why an estate plan is necessary. With your properly prepared and executed...
Summary: Estate planning experts often use the well-publicized reports of the estate plans of celebrities (or celebrities’ lack of estate plans) to teach important lessons that we all can learn. Sometimes it’s the downsides of intestate succession, the...