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Do You Have an Estate Plan to Address These Issues?

10/11/2018

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​Are you one of the 64 percent of Americans who don’t have a will?1 If so, you could be exposing your assets and your family to substantial risks. A will is a simple and effective way to overcome many estate planning challenges.
 
A will doesn’t solve every issue, though. Even if you do have a will, you or your loved ones could face a number of challenging problems near the end of your life or after you pass away. Fortunately, many of these issues can be resolved with a little advanced planning.
 
Have you put off creating an estate plan? If so, now may be the time to reconsider. Most estate planning tools are simple and relatively affordable to implement. By putting the right planning pieces in place, you can save yourself and your family a lot of grief during an already difficult time. Below are three common challenges that can be resolved through basic estate planning:

Asset Distribution
 
At its most basic level, a will is a document that tells the court and your executor how to distribute your assets to heirs. Without that guidance, the court will make its own decisions. It may make choices that you wouldn’t have made for yourself.
 
Your estate plan should also address accounts and assets that have beneficiary designations, such as life insurance, annuities and retirement accounts. These accounts aren’t covered by a will. If you forget to update your beneficiaries after a major life change, there may be little your loved ones can do to correct the issue after you pass away. Beneficiary designations usually can’t be challenged in court.

Probate
 
Even if you do have a will, many of your assets may go through probate, which is the legal process for settling an estate. During probate, the court and your executor pay off debts, file tax returns and notify potential heirs. The process can last for months and can generate substantial legal and administrative expenses that may erode your estate.
 
You can minimize the impact of probate by utilizing accounts with beneficiary designations. You can also use a simple trust. All the assets in the trust are distributed per the trust document, and they avoid probate completely. That may allow your loved ones to get their inheritance faster and avoid unnecessary fees.

End-of-Life Issues
 
Estate planning doesn’t just tackle issues that arise after you die. It can also be used to manage end-of-life difficulties. Many of those difficulties can occur if you become incapacitated, a state in which you are physically unable to make or communicate decisions. Incapacitation is often caused by strokes, Alzheimer’s, Parkinson’s and other issues.
 
You can use tools such as a living will or power of attorney to provide your family and doctors with guidance should you become incapacitated. That can ensure that your wishes are met with regard to medical treatment. Advanced planning can also protect your assets and make sure that a responsible individual handles your financial matters.
 
Worried that your estate plan isn’t sufficient for your needs? Let’s talk about it. Contact us at Nicky Derouen Financial Services. We can help you analyze your needs and develop a strategy. Let’s connect soon and start the conversation.
 
1http://www.usatoday.com/story/money/personalfinance/2015/07/11/estate-plan-will/71270548/
 
Licensed Insurance Professional. This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation. By providing your information, you give consent to be contacted about the possible sale of an insurance or annuity product. This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. This information has been provided by a Licensed Insurance Professional and is not sponsored or endorsed by the Social Security Administration or any government agency.
18086 – 2018/10/1

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Licensed Insurance Professional.  Respond and learn how financial products, including life insurance and annuities can be used in various planning strategies for retirement.  This material has been provided by a licensed insurance professional for informational and educational purposes only and is not endorsed or affiliated with the Social Security Administration or any government agency.   It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. 17502-2018/3/23
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