Perspectives
Estate Planning 101: Why Now Is The Right Time To Start
Estate planning is the process of organizing your legal and financial affairs so that your wishes are honored in the event of your death or incapacity. Many people delay it, thinking they don’t have “enough” assets, that it can wait. But the truth is, if you have anything of value or people who depend on you, you need an estate plan.
Your estate includes everything you own; real estate, bank accounts, retirement plans, personal property, life insurance policies, and even your interest in a business. Without a will or other planning tools in place, state law-not you-determines how these assets are distributed. This process, known as intestate succession, often leaves families with unnecessary stress, delays, and disputes.
An estate plan allow you to:
- Name a guardian for minor children
- Designate someone to make healthcare and financial decisions if you are unable to do so
- Direct how your assets should be distribured
- Avoid or minimize probate and potential estate taxes
- Protect loved ones with special needs or complex family dynamics
Common planning tools include:
- Powers of Attorney
- Healthcare Directives
- Beneficiary Designations
- Wills
- Living Trusts
WFJ and LegalShield makes the process easier by offering a Will Questionnaire (find ours here) and direct access to the attorneys at Wagner, Falconer & Judd. You don’t have to navigate this alone.
Estate planning is not just about death-it’s about protecting your future. Start today to ensure your voice is heard when it matters most.