Why an Estate Plan is so Imporant
Plan for tomorrow, today
That seems like sensible advice, doesn’t it? Yet a surprising number of people leave no estate plan in place for their survivors. Nobody likes talking about death. But this is exactly why you should make an effort to create and maintain an estate plan: you simply won’t be there to settle matters when the time comes, and do you want someone else making those decisions for you?
Most everyone has an estate
Someday, it will be someone’s job to account for the things you leave behind when you die. This goes for homeowners and renters, those who are retired and those who are working full-time, and everyone from every walk of life.
Everyone needs an estate plan.
Without your instructions, it could be decided in court. If you don’t leave behind an estate plan, your family could face major legal issues and, potentially, bitter disputes. Your estate plan may include wills and trusts, life insurance, disability insurance, guidance on the care for children and other dependents, powers of attorney, a living will, medical directives, anatomical donation directives, a pre-or post-nuptial agreement, extended care insurance, charitable gifts, debts, passwords, digital assets, and more.
Why not just a will?
While your will may state who your beneficiaries are, they may still have to seek a court order to have assets transferred from your name to theirs. Estate planning can include items like properly prepared and funded trusts, which could help your heirs to avoid probate. Probate can be an expensive process and lock up assets during the time they’re needed most.
Beneficiary designations on qualified retirement plans and life insurance policies usually override bequests made in wills or trusts. Many people never review the beneficiary designations on their retirement plan accounts and insurance policies, and the estate planning consequences of this inattention can be serious. Having an estate plan means keeping the estate plan updated, as time passes or changes happen in your family.
Where do you begin?
CapSouth advisors provide assistance, along with your attorney, in the review of any existing estate planning documents and in designing an updated estate plan. One of the most important components of estate planning is the assistance provided to the spouse and/or other beneficiaries of the estate following death. This includes ongoing financial guidance and counseling in addition to professional investment management of the assets. CapSouth may provide some of these ongoing services through their trustee services.
To learn more about estate planning services offered by CapSouth, visit our website at https://capsouthwm.com/services/financial-estate-planning/ or contact our office to speak to an advisor. 800.929.1001.
Investment advisory services are offered through CapSouth Partners, Inc., dba CapSouth Wealth Management, an independent registered Investment Advisory firm. Information provided by sources deemed to be reliable. CapSouth does not guarantee the accuracy or completeness of the information. This material has been prepared for planning purposes only and is not intended as specific tax or legal advice. Tax and legal laws are often complex and frequently change. Please consult your tax or legal advisor to discuss your specific situation before making any decisions that may have tax or legal consequences.
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