Have you been putting off estate planning because you’re still ‘young and healthy’ or have you neglected your estate plan since you initially set it up years ago? The reality is that estate planning is an easy objective to ‘take care of later’ or ‘set it and forget it’. Unfortunately, all too often the unexpected happens leaving people unprepared or underprepared. Whether you haven’t started the process or have not revisited your plan in a few years, now is the time to get back on track.
The most important step in the estate planning process is to get started. Taking the action to meet with an estate planning professional and set up an initial plan can be a rewarding experience and relieve a lot of stress you may or may not know you were carrying.
A last will and testament and a revocable trust are two common choices to start an Estate Plan. A will ensures that a person’s outstanding affairs are handled, and their assets are distributed accordingly with their instructions after they die. A revocable trust sets up a fiduciary obligation between the “Trustor,” who is an individual setting up the trust, and the “Trustee,” who is the person who has the right to hold and manage the assets of the Trustor, and to distribute as appropriate to the Trustor’s heirs or other designated beneficiaries. One of the benefits of the Trust is the avoidance of probate, which is the process of distributing a person’s estate through the court system, which can be costly and time consuming.
If you are ready to take control of your estate plan, please reach out to Ben Ziemann (Ben@bridgeattorneys.com) or one of the other attorneys at Bridge Law Group to get started! Bridge Law Group would also be happy to review an old estate plan to make sure it is up to date with any life changes. Bridge Law Group also works with attorneys across the country, particularly in popular snowbird states such as Florida, to help our clients transition their estate plans if they decide to move their residence and take advantage of lower income taxes and warmer winters.
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