You don't have to be wealthy to have an estate plan; you just have to own assets. With help from experts, such as an estate planning attorney, you can decide how your assets will be distributed after your death.

Having a plan can help you avoid or reduce estate tax you might owe and can increase the assets you can give to loved ones. During your lifetime, you also can plan ahead and appoint people to manage your affairs should you become unable to do so because of illness or injury.
Without an estate plan, your wishes for the distribution of your assets may not be carried out, and you could end up with unintended beneficiaries. If you don't use a will or other method to transfer assets to beneficiaries after your death, your state will decide who receives your assets. If no one claims your assets, they could end up in the state's possession.

What is an Estate Plan?

 An estate plan is a combination of legal documents and ownership titles that help you protect your assets during your lifetime and after your death.

Consider making the following documents a part of your estate plan:

Will: Creating a will is a good place to begin when developing an estate plan. A will describes how you want assets titled in your sole name distributed after you die.

Trust: Creating a trust offers many benefits and gives you control over the management and distribution of your assets during your lifetime and after your death. It's a private way to transfer assets to beneficiaries, and with certain trusts, you avoid probate.

Powers of Attorney: These documents help you maintain control by naming individuals to oversee your financial assets and medical care should you be unable to make and communicate your own decisions.

Transfer Tools: By using transfer tools, you can change legal ownership of assets from you to beneficiaries after your death. Transfer tools are for specific assets while a will or trust can govern everything in your estate.

Plan Ahead:

 By learning more about estate planning, you can better prepare for your future and be more informed when you meet with your financial advisor and estate planning attorney to establish a plan.

With an Estate Plan, You Can:
  • Provide for loved ones after your death
  • Prepare for the unexpected during your lifetime
  • Help ensure the ongoing management of your financial affairs and medical care
  • Control the distribution of your assets
  • Minimize the impact of estate tax for large estates
  • Preserve more of your assets for beneficiaries