To be honest, August is just hot and any time is a hot time for estate planning. The time to plan is now. August is also National Make-A-Will Month. You don't have to be old or super wealthy to need an estate plan. It may be possible for you to go DIY if you have a very simple situation, or you can hire an estate planning attorney for a more comprehensive package. The important thing is to do something sooner rather than later. Don’t put off estate planning thinking you have plenty of time.
Many don't like discussing death, but we are really talking about quality of life for yourself, your loved ones, and those providing your care. If you have not completed your estate planning, or haven't updated your documents in the last three to five years, now is the time to do so.
Here are the basic documents you should consider:
Will - A will is used to pass on property at death. However, it does not avoid probate!
Living Will or Letter of Instruction - Slightly different than a will. Outlines more personal choices, especially around medical decisions (sometimes referred to as an Advance Directive).
Power of Attorney - You may need two of these; one for financial matters, and one for health care (health care directive). Each of these appoints the person you want to speak and act for you should you be incapacitated.
Trust - Many folks need a living trust (revocable living trust) which can be changed or amended during your lifetime, hence, living/revocable. Others may need an irrevocable trust (which can't be changed). Each person's situation is unique so talk this through with your adviser prior to deciding.
Do you need a basic estate plan and are concerned about costs? Try an online offering. These services have come a long way in the quality of their products. I'm providing you with a few recommendations to get you started just as a reference point. You may have access to legal services via your employer or even a family attorney.
Trust and Will - Provides the best option for value seekers. (Fair disclosure, Engage Advising clients can save up to 10% on estate planning needs. Please note, Engage receives no commission or compensatory benefit from Trust & Will. This is a special offer for clients.)
Nolo's (Quicken) WillMaker - Most comprehensive, overall option.
Rocket Lawyer - On call attorneys available.
Legal Zoom - Multiple options, up to 1 year of legal service.
Do Your Own Will - Best free option! If your situation is simple.
Let me know before you start your estate planning. I have resources to help you organize your thoughts and desires prior to finalizing your estate plan. It’s a very personal decision so talking it out can be useful.
As an independent Certified Financial Planner™, I can help you with decisions around estate planning. No matter where you are in life, a CFP® professional can help you create a financial plan for today and tomorrow. Contact me and let’s get started! #talktometuesday #education #Hireaplanner #marriage #love #estateplanning #CFPPro #LetsMakeAPlan