If putting together your estate plan isn\u2019t at the top of your priority list, you\u2019re not alone. It\u2019s something that people typically don\u2019t want to do\u2013for a variety of reasons. It\u2019s not fun to think about what happens after we\u2019re gone, and we often believe we have a lot of time to get our affairs in order.<\/p>\n
No matter how large or small your estate is, you need a plan to ensure your wishes are carried out and your loved ones are taken care of in the way you see fit. A will is an important part of your estate plan, but your estate plan is bigger than your will.<\/p>\n
Here\u2019s what you need to know about having an estate plan.<\/p>\n
The term \u201cestate plan\u201d may make people think that it\u2019s only for the incredibly wealthy, but an estate plan is for anyone who wants to ensure their assets\u2013whatever those may be\u2013are available and accessible to their beneficiaries. Assets include bank accounts, investments, properties, vehicles, household furnishings and anything else that you own or are owed.<\/p>\n
Beyond that, an estate plan lays out where your money should go, who should be in charge of your estate and who will take guardianship of your minor children.<\/p>\n
Review your estate plan regularly, especially if you have a major shift in your circumstances. The will you wrote when you were 30 and newly married may no longer reflect your wishes now that you\u2019re 55, and on your second marriage with three children, 2 step-children and a grandchild.<\/p>\n
Perhaps you\u2019ve purchased a second property, now have a retirement plan or have collected valuable artworks. These are all items that can change how your estate is divided. Any change in your circumstances should trigger a review of your estate plan.<\/p>\n
This estate plan review should include who your beneficiaries are and if they\u2019ve changed recently, how you want them to receive your assets, who you trust to make important medical or financial decisions if you become unable to, and how your bank and investment accounts are managed.<\/p>\n
We associate estate planning with death, but it\u2019s just as much about planning for disability or incapacitation. Your estate sets out who can access your money to ensure your medical needs are taken care of\u2013and who will make important decisions on your behalf. Without an estate plan, someone in your family may have to petition the court to be allowed to make decisions for you, and you run the risk that the person granted that ability is someone you don\u2019t trust.<\/p>\n
With an estate plan, you dictate how your assets are distributed. Without a plan, your assets are distributed according to the law where you live. Simply living with your significant other might not be enough to ensure they receive your estate in regions that don\u2019t validate common-law marriages. In those areas, your estate goes to your biological family, not your unmarried partner, unless you have a will.<\/p>\n
If you have a blended family, you may want your biological children to receive all of your estate or you may want it split with your current spouse and their children from a previous marriage. Without an estate plan, those wishes may not be carried out.<\/p>\n
An estate plan is a vital part of your financial planning. It sets out how you want your estate distributed, who you want to be in charge, and who can make decisions for you if you\u2019re not able to. If you\u2019ve been putting off your estate planning, now is a great time to get started.<\/p>\n","protected":false},"excerpt":{"rendered":"