Michael
Ettinger's Top Ten Reasons to Plan Your Estate
10. Makes sure it goes to whom you want, when you want, the way you want. Most estate plans, be they wills or trusts, leave the assets to the next generation outright (i.e., in their hands) in equal shares. However, with a little bit of thought on your part, and some guidance from an experienced estate planning attorney, you can dramatically improve the way your estate is ultimately distributed. For example, you can delay large bequests until children or grandchildren are older or give it to them in stages so that they have the chance to make some mistakes with the money without jeopardizing the whole inheritance. Similarly, you can place conditions on receipt of the money such as “only upon graduation with a bachelor’s degree” or “only to be used to purchase an annuity to provide a lifetime income for the beneficiary”. The possibilities, of course, are endless. The point here is that if you have some issue with one of your beneficiaries, talk it over with your attorney and you may be pleasantly surprised with some of the suggestions he or she may have for you.
9. Allows you to give back to the people and places that have helped you. Again, most people leave their assets to their children in equal shares. Yet time and again we see children who really don’t need the money or, unfortunately, don’t deserve it. Even when they do need and deserve it, there is a place for remembering those people and institutions who have helped make you what you are today. There is much good that is done through local community foundations if you want to show your appreciation for what your community has done for you. Think of the benefits you have garnered over your lifetime from your alma mater or the depth and richness added to your life by your place of worship. These can be some of the most satisfying gifts you will ever make.
8. Shows your family that you cared enough to plan for them. When you put time, thought and effort into planning your affairs it sends a powerful message to your loved ones. You are saying that you handled the matter with care and diligence. This will reflect itself in how the money is received, invested and spent by your heirs. If you took it seriously, it is much more likely they will handle it well themselves, including seeing to it that their affairs are properly planned.
7. Saves your heirs legal fees, taxes and time in settling your affairs. Everyone understands and wants to save fees and taxes, but what about saving time? By planning ahead with trusts instead of wills, you can abbreviate the settlement process, thus aiding the grieving process and allowing families to get on with their lives. In addition, while assets are tied up in a lengthy estate proceeding, valuable opportunities may be lost or additional expenses incurred, such as having to maintain a home. With the volatility of investments today, no one can afford to have their affairs tied up for any significant amount of time.
Disclaimer — This web site is intended, but not promised or guaranteed, to be correct, complete or up-to-date. It is not intended to be a source of legal advice; thus the reader should seek out specific advice, based on the reader's age, assets, state of health, etc. from competent counsel. Ettinger Law Firm does not intend links on this web site to be referrals or endorsements of the linked entities.