Last Week Was National Estate Planning Awareness Week
Did anyone tell you it was National Estate Planning Week? We were not aware. No one sent us a greeting card to remind us.
But because we are now thinking about it. . ..
Have you completed your estate plan? When is the last time your looked at it?
Have you placed your assets into your trust? Have you refinanced recently? Was the property taken out of your trust for the refinancing?
Here are three common myths that often keep us from completing successful planning:
“It’s too early for me to think about my estate planning.”
It is NEVER too early to start planning ahead. Whether you are eighteen or eighty, having a will, or in many cases a trust, can give you peace of mind that your wishes and loved ones are taken care of.
“I wrote a will after I got married 20 years ago, so I’m set!”
You need to review your estate plan every year or two. Lives change, laws change, finances change…your documents don’t keep up with changes on their own.
Think about all the things that have changed in the past 20 years, let alone the past six months. Have you acquired property? Do you have children? Life changes fast. An annual “checkup” is smart planning.
“Estate Planning is always so expensive!”
Estate planning is nowhere near as expensive as a probate for your family when you pass away or a conservatorship proceeding in the event you are incapacitated and cannot manage your affairs.
Having a plan in place before you need it allows your family the opportunity to take care of you, your health and your finances when you are unable to do so. Time and money are saved, but most importantly, there is much less work and aggravation for the persons left with the tasks.
Call your estate planning team at Lewitt Hackman with any questions or to set up a phone conference today.
Kira S. Masteller is a Shareholder in our Trust & Estate Planning Practice Group.