WHAT YOU NEED TO KNOW ABOUT |
ESTATE PLANNING |
ESTATE PLANNING IS NOT JUST FOR WEALTHY PEOPLEYou should consider estate planning if you have:
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A WILL IS NOT ENOUGHA will is just one aspect of a complete estate plan; it does not avoid probate or begin to "cover all your bases." In addition to a will, most estate plans should also include a Revocable Living Trust so your heirs can avoid probate, an Advance Health Care Directive specifying the medical care and intervention you do or do not want, and a Durable Power of Attorney appointing someone to handle your affairs if you become incapacitated.
YOU REALLY WANT TO AVOID PROBATEProbate is a legal process for distributing the property of a deceased person. Probate takes from 9 months to around 2 years, ties up your assets during this time, and cost thousands of dollars. Probate is an expensive, time-consuming hassle that can be avoided with proper estate planning.
DO-IT-YOURSELF DOCUMENTS ARE OFTEN INCORRECTNo book, software program, or website can possibly account for each person's unique situation and needs, keep up with the laws in each jurisdiction, and create a fully personalized plan. It's no wonder that do-it-yourself legal documents often fail to accomplish the writer's goals.
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