After decades devoted to work, you’re ready to retire and celebrate your own personal Independence Day. Your plans might include spending more time with the family, visiting America’s National Parks, or ramping up your volunteer work. You might even be thinking about starting a business. Whatever your plans for retirement, it’ll be your choice.
Getting ready for your own independence includes making sure your personal business is taken care of. What you need to do next depends on whether or not you’re among the millions of Americans who don’t have an estate plan to protect yourself and your family.
If you have no will or trust, contact an estate planning attorney to make an appointment. Don’t delay any longer.
Why is this so important?
As you near retirement, you probably have more assets than at any other point in your life. Your estate plan directs how these assets are distributed at the time of your death. Estate planning lawyers are fond of telling people if they don’t have an estate plan, the state has one for them, only they may not care for the results. Without an estate plan, the court may rely on your state’s laws of intestacy and your family may have to live with whatever the court decides.
The court may be more involved if there is no legal plan in place and your entire estate could go through probate. In probate, an administrator may be named to manage your estate, who may be a complete stranger.
Many people make the big mistake of thinking being married means you don’t need an estate plan. But you don’t know which spouse will die first, and you don’t know how far apart your deaths will be. Both partners need to have a plan.
If that’s not enough to convince you of the importance of an estate plan, here’s another reason: naming the person in charge of your remains. Without an estate plan, the court may choose the person to make decisions about your funeral, burial, and memorial service. They will try to make a good decision, but without your instructions to follow, the court could choose anyone – even an estranged family member … then who knows what your funeral would look like!
Admittedly, these are difficult things to consider, but an estate plan is a powerful way for you to stay in control and truly declare your independence from outside interference in your private matters! Book a free call with Rod today.