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Let’s Face it, You Need an Estate Plan

10/13/2016

Let’s Face it, You Need an Estate Plan

An estate plan is something everyone needs but is often put off until tomorrow to avoid thinking of one’s own death, according to The (Memphis TN) Daily News article “Estate Planning – It’s a Need.”

The article also points out that it is possible your choice of guardian, trustee, power of attorney or executor may not be available. What if a person named in the will needs to be removed later? What if estate laws change or your circumstances change and there’s a better option?

There will always be changes in our lives. We may live to see our children grow to be adults when they no longer need a guardian. Then again, about that time our parents will age and may need a guardian. We switch jobs, get promoted or get laid off. Investments go up and down. Laws will change, and new legislation will be enacted. These are all important factors on the list of what needs to be addressed in estate planning.

Estate planning is important and it requires significant time and effort. Without a comprehensive estate plan much or all of what you’ve achieved in your life could be lost or given to unintended beneficiaries.

A good way to plan is to draft your will like you were going to die today. Once you have that done, create a review system to ensure your will remains relevant and up-to-date. Talk with a qualified estate planning attorney and let him or her guide you through the process.

Effective estate planning will typically reduce your taxes and those of your estate. In addition, it can save time and expense when settling an estate.

Develop a good working relationship with an experienced estate planning attorney.

An estate planning attorney can help guide you through the process of creating an estate plan that meets your individual needs.

Reference: The (Memphis TN) Daily News (Sept. 23, 2016) “Estate Planning – It’s a Need”

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