What is the definition of the perfect estate plan?
By Christopher P. Hill, RFC
Wealth and Income Group LLC and FuneralResources.com
The Definition of the Perfect Estate Plan:
Here is my personal definition of The Perfect Estate Plan:
“To control your property while you’re alive, take care of your loved ones and yourself should you become disabled, and give what you have to whom you want, the way you want, when you want; and, if possible, save every tax dollar, professional fee, court cost, delay, and family feud possible.”
Why is Estate Planning So Important?
Important finance advice: Should you pass without so much as a Will, the unfortunate reality is that state law will determine how your property is distributed, as well as take control of your estate if you should you become disabled or incompetent.
This statute is called the law of intestate. The best way to describe intestate is “having a lawsuit with your state of domicile over the management of your estate”. Or put another way, it will not be you or your family who ultimately decides what happens to your assets, your children, and your financial legacy…but rather your state, the government, and your least favorite uncle – Uncle Sam. Read more about the most common and biggest estate planning challenges now.
It’s safe to say that your personal wishes for the disposition of your wealth, children, estate, well-being, and how you want to be remembered will not be exactly the same as your state or local government. Therefore, dying without a Will is going to put your family through an extremely difficult, time-consuming, and expensive ordeal…at a time when they should be focusing on celebrating your life and the wonderful memories you’ve left behind. By preplanning funeral costs and funeral expenses you’re also giving a wonderful final gift to your family.
If you have not yet started the process of creating your funeral estate plan, or if your current estate plan is outdated or needs to be revised, I strongly encourage you to consider making these estate planning needs a priority.