Whether you know it or not, and whether or not you’ve put any work into it at all, you have an estate plan. Yes, you do. The legislators of your state made it for you. You may not know anything about it, but you can be guaranteed that it is a “one size fits all” plan that will not account for any of your or your family’s unique situations or goals. It will, however, greatly raise the possibility of family in-fighting, as your loved ones who are already in a time of grief and great stress will have to quickly decide on responsibilities in order to ensure that your estate is settled properly and fairly. This often does not go smoothly.
You can do better. You should do better.
With an expertly-prepared will or trust-based estate plan, you can set aside the impersonal state-drafted plan and help ensure that:
- Your estate will be administered as quickly and cost-efficiently as possible,
- The people you trust the most will be able to oversee your estate administration,
- Your assets will be distributed to who you want to receive them, when you want them to be received, and in the manner that will be the most beneficial to your heirs, and
- Your minor children will be cared for by the persons you choose, and will be given the resources and protection to thrive in life.
McCleer Law Office listens intently to its clients to best understand their goals and concerns, and will draft estate plans unique to every client. Sometimes that will mean a will at the center of the plan, sometimes it will mean a trust, and sometimes both. What you want your estate plan to accomplish is limited only by your own vision, and McCleer Law Office will help fulfill that vision.
Frequently Asked Questions About Estate Planning
Estate planning is not a matter of the size or value of your estate. It’s a matter of two things: your family and your wishes. If you have a family, you should have an estate plan to ensure that they are properly taken care of after you pass on. Even if you do not have a family but have hopes for how your estate is to be utilized after you’re gone (benefiting a charity, for example), you need a well-drafted estate plan to ensure that happens.
The vast majority of estate plans (for individuals that seek to actually create one, that is) center around a will, a trust, or a combination of both.
There really is no “better” option. Both options ultimately work! There may indeed be a more appropriate option for you and your individual circumstances, though. Factors to consider may include whether you have minor children, the size of your estate, whether you own property in other states, your current budget, and so forth.
If your only goal, and I mean your absolute, only goal, when planning your estate, then planning solely with beneficiary designations might work for you. But, and this is a big but, if you want to engage in any type of planning to ensure that your estate is best protected and best utilized no matter what happens in your life, your spouse’s life, or your family’s life, beneficiary designations offer no such planning. No life goes 100% as planned, and only a fully fleshed-out estate plan can account for the changes that will occur.
A good rule of thumb is to have your estate plan reviewed by an attorney either shortly after any major change in your or your family’s lives or every five years, whichever is shorter. Even if nothing changes about your life, you’ll want to have a quick review in case there had been any changes in the law that should be addressed in your estate plan.