Why is it so important to do this?
The object of careful and thoughtful estate planning is to pass on your wealth to loved ones or chosen charitable institutions in a manner that carries out your intentions with a minimum of expense, delay and friction among those whom you leave behind.
What Are the basic elements of a sound estate plan?
An effective estate plan for most of us will involve a will, durable power of attorney, health care power of attorney and living will. In its own way each of these elements may be of great service to those you leave behind.
How might things go wrong if you don’t take action?
If you don’t make a will or create a trust that plays that role, your property will be distributed under state intestacy law. In effect, the state will write a will for you. And under that imposed will, your property may not be distributed as you would have liked.
When is a good time to create or review your estate plan?
If you don’t have a plan in place yet, a good time is right now.
If you do have one, you should review what you have any time you experience a life event. This includes birth of a child, marriage or divorce.
Hank Caddell of Thiry & Caddell has decades of experience helping clients take care of estate planning matters. Call our office today to arrange a confidential consultation.