By Scott Rutherford
ou’ve spent a lifetime building your estate. It’s worth spending some time thinking about what you want to happen to that important part of your legacy after you’re gone. Everyone should have an estate plan; and the older we get, the more important it is to make sure that we review it periodically. The beginning of the year is an ideal time to have your estate plan reviewed or, if you haven’t put an estate plan in place yet, to do so.
Those who don’t have an estate plan in place when they pass on risk having their estate going into hands they didn’t intend — often, the government’s. Books could be written (and have been) about estate taxes, inheritance taxes, and how to best avoid them. It’s well worth it to have a professional review your estate plan to make sure you aren’t tossing any more of your estate to the government than necessary.
If we pass on without having our affairs in order, we also risk putting our loved ones in the painful position of having to try to figure out what we would have wanted. No one needs that, especially while already coping with the loss of a loved one. The more assets you have, the more difficult this can be. We all know families who deal with bitterness for years in the wake of contested estates. Don’t let that happen to your family.
Different people have wildly different needs in terms of estate planning, and there are often considerations that most of us wouldn’t think about. Leave the DIY approach to the occasional project around the house and consult a professional for your estate planning. Every estate plan should include a will, a living will, and a power of attorney; those who have accumulated significant wealth should also consider whether and how much of their estate should be put into trusts.
The bottom line is that the best way to make sure your wishes are followed at the end of your life — and a good way to promote continued harmony in your family after your passing– is to have a clear plan in place. And like most legal matters, it’s best to enlist the help of a professional in putting your estate plan together.