Many of us think of estate planning as the way wealthy people distribute their estate with minimal taxes. But estate planning shouldn’t be all about the money: it’s about taking care of people you love. Everyone needs estate planning.
Non-money reasons to have an estate plan include:
- Number one, especially for young adults, is to appoint a guardian for your minor children. Make sure someone you know and trust will care for your children if you can’t.
- Setting up a trust can give your children a safety-net to protect their inheritance and take care of them as they grow.
- A life insurance policy can pay your mortgage, medical bills, or final expenses and cost as little as $300 a year. It’s a small expense to ensure your spouse and children have support if something happens.
- A power of attorney and healthcare power of attorney choose someone you trust to make financial and medical decisions for you in case you can’t. This, along with a living will, can make sure your wishes are known and limit stress on loved ones having to make those difficult decisions.
Your estate plan is about more than your financial worth. You want your loved ones to be taken care of even if you can’t be there to do it. The attorneys at Epiphany Law will work with you to create a plan that meets your personal needs and protects those you love regardless of the size of your estate.