Our experience with clients shows that estate planning is typically the last piece of the financial planning puzzle that people address, if ever. Not having an up-to-date estate plan could put you and your family at high risk. If you die without a will, a court (not you) selects the executor and guardian for your children. Without a living trust, your death could result in significant probate costs and taxes (up to 45%).
If you are incapacitated without powers of attorney for property and healthcare, your wishes for how your finances and your health should be handled might not come true. A court will likely have to get involved to make important decisions on the handling of these matters.
Many attorneys specialize in estate planning, and most are willing to have an initial no-obligation meeting to discuss your situation. If you don’t have an estate plan, or you are concerned that your plan needs updating, make it a priority to meet with a qualified attorney about your situation.