What is an estate plan? It is an asset.
This may surprise many of you.
An estate plan is an asset?When we think of assets, we think of cars, boats, toasters, and bank accounts.
Securities -- like stocks and bonds -- are also considered "assets.
"If we slightly expand our way of thinking, we might realize that even a life insurance policy is an asset.
Here is one particularly applicable definition of an "asset" which directly applies to an estate plan: "A resource having economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit.
"Under this definition, an estate plan is not only an asset, but it is a most important one to both you and to your family.
The reason for this is that a "plan" commands all other assets in a person's estate.
In a sense, the estate plan is a "General," while the other assets are lieutenants, corporals, and foot soldiers.
This is not widely understood, and this misunderstanding creates nothing but problems which unnecessarily burdens families.
In addition, the state you live in already has an estate plan in place for you.
This is called the laws of "intestacy.
"It is a state mandated plan, forced upon those lacking important legal documents, such as a Will and a trust.
So how do you reclaim your right to control the other assets in your estate?This is something which doesn't just "happen.
"You must take affirmative steps: Think about where you want your assets to go.
Most people go to an attorney knowing that they must do "something," without knowing what that "something" is.
The first step in forming an estate plan is to determine your goals.
You may have vague notions of "providing" for your spouse and children - but which of them really needs the support, and how much do they need?Also, are there charities which could do good work and which need your support?Are your personal values reflected in your estate planning? Think about the possibility of disability.
We do not want to think about disability, but it is also an important consideration.
Proper estate planning techniques include many legal tools to help deal with this uncomfortable issue.
For example, trusts are sometimes a great vehicle to avoid certain types of court supervised conservatorships.
Who do you want to raise your children should you die? This important topic is often neglected, but it is crucial.
Unless you have a plan in place, you forfeit a great deal of control over the raising of your children should you suddenly die, or become incapacitated.
Also, consider this: Everyone will be under great stress when these issues come up.
Decisions over their fate will be made during perhaps the most stressful of times for your family.
Go to competent counsel.
Your first step forward is the most important step.
If you find yourself uncertain or unclear regarding these other issues, your attorney may be able to assist you.
That is one of the most important of tasks of your attorney: To assist you in clarifying your thinking, and helping you to meet your goals.
We neglect these issues at our own peril.
Moreover, your investment of time and money in this significant asset, your estate plan, will greatly benefit your family in the future.
Disclaimer: The information in this article is not legal advice, and the use of it does not create an attorney-client relationship.
Any liability that might arise from your use or reliance on this article or any links from this article is expressly disclaimed.
This article is not to be acted upon as if it were legal advice, and is subject to change without notice, or may include obsolete or dated information, or information not relevant to your jurisdiction.
If you require legal services, you should consult with an attorney.
This may surprise many of you.
An estate plan is an asset?When we think of assets, we think of cars, boats, toasters, and bank accounts.
Securities -- like stocks and bonds -- are also considered "assets.
"If we slightly expand our way of thinking, we might realize that even a life insurance policy is an asset.
Here is one particularly applicable definition of an "asset" which directly applies to an estate plan: "A resource having economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit.
"Under this definition, an estate plan is not only an asset, but it is a most important one to both you and to your family.
The reason for this is that a "plan" commands all other assets in a person's estate.
In a sense, the estate plan is a "General," while the other assets are lieutenants, corporals, and foot soldiers.
This is not widely understood, and this misunderstanding creates nothing but problems which unnecessarily burdens families.
In addition, the state you live in already has an estate plan in place for you.
This is called the laws of "intestacy.
"It is a state mandated plan, forced upon those lacking important legal documents, such as a Will and a trust.
So how do you reclaim your right to control the other assets in your estate?This is something which doesn't just "happen.
"You must take affirmative steps: Think about where you want your assets to go.
Most people go to an attorney knowing that they must do "something," without knowing what that "something" is.
The first step in forming an estate plan is to determine your goals.
You may have vague notions of "providing" for your spouse and children - but which of them really needs the support, and how much do they need?Also, are there charities which could do good work and which need your support?Are your personal values reflected in your estate planning? Think about the possibility of disability.
We do not want to think about disability, but it is also an important consideration.
Proper estate planning techniques include many legal tools to help deal with this uncomfortable issue.
For example, trusts are sometimes a great vehicle to avoid certain types of court supervised conservatorships.
Who do you want to raise your children should you die? This important topic is often neglected, but it is crucial.
Unless you have a plan in place, you forfeit a great deal of control over the raising of your children should you suddenly die, or become incapacitated.
Also, consider this: Everyone will be under great stress when these issues come up.
Decisions over their fate will be made during perhaps the most stressful of times for your family.
Go to competent counsel.
Your first step forward is the most important step.
If you find yourself uncertain or unclear regarding these other issues, your attorney may be able to assist you.
That is one of the most important of tasks of your attorney: To assist you in clarifying your thinking, and helping you to meet your goals.
We neglect these issues at our own peril.
Moreover, your investment of time and money in this significant asset, your estate plan, will greatly benefit your family in the future.
Disclaimer: The information in this article is not legal advice, and the use of it does not create an attorney-client relationship.
Any liability that might arise from your use or reliance on this article or any links from this article is expressly disclaimed.
This article is not to be acted upon as if it were legal advice, and is subject to change without notice, or may include obsolete or dated information, or information not relevant to your jurisdiction.
If you require legal services, you should consult with an attorney.
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