Tuesday, November 29, 2022

Estate planning, a gift that keeps on giving

  1. Something that continues to have a payoff, consequences, or other such impact.

  2. Something that makes life a little less difficult.

The gift of having your affairs in order will payoff long term and make life a little less difficult on your loved ones. Organize, plan, and explain: what you have, where and how to access it, and who should get it.

Estate Planning doesn’t just mean a will or trust as there are multiple pieces to a full estate plan.

CONTINUOUS PAYOFF, CONSEQUENCES OR IMPACT:

Estate planning helps protect your loved ones when tragedy strikes. Life Insurance provides security for the financial loss your family will suffer, even though it will not provide them comfort with their personal grief. Final Letter of Instructions includes your final words to each family member, specific distribution of personal property both to your loved ones to make personal gifts and provide reminders of you after your passing.

MAKE IT EASY

Estate planning can help your family avoid probate and/or at least provide the easiest path to manage your estate. Transfer on death accounts with beneficiary designations allow your family to almost immediately access funds without requiring court action. Transfer on death deed, in the right circumstances, transfers your ownership interest to your heirs without any additional documentation. Detailed instructions, with account numbers, passwords, and other necessary information avoids the need to have a court appointed personal representative to be able to access this information. Medical and Durable Powers of Attorney give your family authority during your life to manage matters, if you are unable to manage them yourself.

Estate planning is truly a GIFT THAT KEEPS ON GIVING as it has long term effects for your loved ones and eases stress of dealing with the mundane but necessary actions of your passing.

Mark Mayer is an attorney at Hammerle Finley Law Firm, a boutique law firm offering services in estate planning, probate, guardianship, business law, litigation, and real estate. Contact him at (972) 436-9300. 

 

(Sponsored content)

CTG Staff
CTG Staff
The Cross Timbers Gazette News Department

Related Articles

Popular This Week