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A New Year’s Resolution You Can Keep:
Getting Your Estate Plan in Shape
By: Angela T. Campion, Esq.
Angela.campion@wilaw.com
414.276.5000
As 2006 draws to a close, I've been contemplating what steps I'll take to make 2007 an even better year. I've listed the usual personal goals to get back to the gym and get back into those old jeans. I've resolved to better manage my time, as well as make more time for those things that truly matter. I've calculated my budget and plan to stick to it to keep my financial goals in good order. And finally, (dramatic sigh), I resolve to get my estate plan in shape.
This last resolution is not as physically demanding as long hours at the gym, or as financially challenging as sticking to my budget, yet it seems to be the easiest to continually procrastinate about. Nonetheless, here are a few reasons why I will achieve this resolution in 2007:
- Estate planning is not just for the wealthy . No matter my age or the size of my estate, I do not want to burden my friends and loved ones with making the decisions for what happens to my assets and belongings after I die. By creating an estate plan that includes a will and trust, I can outline my wishes and provide a mechanism for the orderly distribution of my assets. I can also avoid probate which, in some jurisdictions, can save my loved ones significant administrative burden and expense.
- An estate plan can protect me . Not only will my estate planning documents handle the administration of my estate after I die, but through the planning process I am also able to plan for and clarify my intentions while still living. In the event that I am incapacitated, a Financial Power of Attorney will allow another to “step into my shoes” to handle specific financial matters that I may no longer have the ability to address. In addition, a Healthcare Power of Attorney will allow me to communicate my preferences with respect to the provision of feeding tubes and hydration and other important health decisions that may arise when I am incapacitated, and to designate an agent who is authorized to make those difficult decisions in accordance with my wishes.
- An estate plan can protect my loved ones . The use of wills and trusts provides a means to control how and when assets will be distributed to my loved ones. Through careful planning I can take advantage of opportunities to minimize federal and state estate taxes on my assets and preserve more for distribution to my loved ones. Also, if I have minor children at the time of my death, proper estate planning will allow me to provide for guardians (both physical and financial) of my children.
- An estate plan can protect my business . The planning process can also help me identify what will happen to my business interest upon my death, and plan for how I intend to terminate or transfer such interest in the future.
- Estate planning can help me give back to my community . An estate plan can also help me achieve my charitable goals by providing a mechanism for me to make contributions to charitable, religious or educational organizations after my death.
Just reviewing this list has me inspired to get my estate planning started. I encourage you to consider your estate planning goals in 2007 as well. Should you have any questions or if you have also resolved to get your estate plan in shape, please give me a call at 414-276-5000.
*All information appearing in this article is for informational purposes only and is not legal advice. This article does not create an attorney-client relationship with any reader. Do not act upon any information contained in this article without seeking professional legal counsel.
