Marc S. Pelletier, P.C., CPA's

 

666 Main Street, PO Box 326 Southington, CT 06489


Phone: 860-620-5500


June 2019

5 Reasons Why Estate Planning Matters

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Ask the average person if estate planning is necessary and you will likely hear this answer: “That’s only for the rich.” This is not true. At some level, estate planning is necessary for almost everyone, regardless of income or amount of assets. Let’s count the areas of your life estate planning affects:


1. YOUR ASSETS –
What happens to your assets when you die? If you care, you can dictate how your assets will pass via a will. Without one, your state’s laws will dictate how most of your assets are distributed.


2. YOUR WISHES –
Financial powers of attorney name a person to act in your financial interest if you can’t do so yourself. Healthcare powers of attorney do the same in the event you cannot make your own medical decisions.


3. YOUR MINOR CHILDREN –
If you unexpectedly died, who would take care of your minor children? It happens. You can name a guardian (or guardians) in a will to ensure your wishes become reality if the unthinkable occurs.


4. YOUR BLENDED FAMILY –
Second (and third) marriages often come with additional complications and new family members. These complications can multiply when it comes time to distribute your assets as intended. Again, a will can help.


5. YOUR ADULT FAMILY –
When you pass on, who gets the heirloom jewelry? Who gets the china that has been in your family for generations? While these items may not add up to a lot monetarily, they can mean the world to loved ones. Put your intentions in a will.


GET HELP
Before drawing up your will, talk it over with family to prevent future misunderstandings. Talk to tax and legal professionals, who can ensure your papers are in order and you transfer as much of your estate as tax laws permit.


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