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You Have a Will – Is It Time for an Estate Plan?

May 24, 2019

From the Kiplinger website

Most people have a will. But a simple will often doesn’t cover some complex issues facing your heirs, which is why I recommend an estate plan.

I work with doctors, accountants and other professionals, small-business owners and people getting ready to retire. They may have a will and a trust for their children, but an estate plan answers three fundamental questions:

– What you want to happen after you pass away;

– Why you want it to happen;

– Who will ensure it happens.

Most people have legal documents that answer the first question; in addition to a will, these include powers of attorney, a health care directive and trusts. But these documents rarely explain the intent or reasons for choosing to give money, property and other assets to some people and not others.

An estate plan provides clarity about each heir to your estate. And this can be particularly important if the deceased person had multiple marriages and families. In addition, with a plan in place, you and your heirs will likely pay substantially less in taxes, fees and court costs and avoid nasty family battles over your assets after you are gone.

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