Three Estate Planning Goals for Everyone

William E. Hesch, CPA/ Attorney/ PFS

 

 

Goal 1. Is your property distributed to your spouse, children, and other heirs exactly the way you want?

 

A.        Review your estate plan documents so your property is divided among those whom you want, and when you want them to receive it– Who gets What and When:

 

                        -           You may want certain assets to go to certain family members

                        -           Assets may need to be divided unequally among spouse/children and step-children in a blended family situation

                        -           You may want to exclude some family members from inheriting from you

 

            B.         Assets may need to be held in trust so that you can control when the assets are distributed to spouse/ children

 

You may want assets held for the life of a spouse or child and control who receives the assets upon the death of the spouse/child

 

            C.        If you and your spouse die with no children, you need to specify how you want to split assets between your families.

 

 Goal 2:            Are your spouse/children and other dependents financially secure if you or your spouse or both die or become disabled?

 

            A.        Do you have enough assets to provide for your dependents if you or your spouse or both die or become disabled?

 

Most families do not have adequate assets and need life and disability insurance to provide for t1heir dependents

 

            B.         Need to review beneficiary designations for retirement plans/ life insurance and real estate to ensure the assets go to those whom you want to receive the assets upon your death.

 

It is imperative to make sure assets are titled properly so your estate plan works as intended and assets are not transferred contrary to your overall plan.

 

Goal 3. Is your paperwork organized and are your estate documents readily available to be used by your family upon your death or disability

 

A.        Lack of paperwork organization can cause great stress as family members try to find your important documents if you died or became disabled.

 

 

 

                        -           Most people have not executed their will, power of attorney, health care power of attorney, or living will.  Everyone needs to have their estate documents executed properly and available for use by your family if you die or become disabled.

 

-           If your important documents are not organized, the family may spend countless stressful hours going through all of your paperwork to make sure no asset is lost and unaccounted for in your probate estate

 

            B.         Power of attorney, health care power of attorney, and living will should be given to your designees so they have copies to use if you become disabled

 

 

Conclusion:      

 

These three estate planning goals need to be addressed by everyone:

 

            1.         Who gets What and When?

 

            2.         Is your family financially secure if you die or become disabled?

 

            3.         Is your financial paperwork organized and are your documents executed?

 

However, an alarming number of people die or become disabled without proper estate plans and financial plans in place, often leaving administrative hassles and financial burdens for their loved ones.  Accidents and sudden illnesses happen all the time– act on the urgency and get done what you keep putting off.

 

Visit my website at http://www.williamhesch.com/ to get a three-page Estate Planning Self Assessment so you can identify what estate planning issues need to be addressed by you.

 

            William E. Hesch, CPA/ Attorney/ PFS

            (513) 731-6601http://www.williamhesch.com%5d/