Will versus Estate Planning?

Q – I know that I need to do a Will but when I spoke with Jennifer Poles at your office to schedule an appointment for this, she said I would be meeting with a lawyer for estate planning.  I don’t feel like my estate is big enough to do estate planning.  Why did Jennifer say that?

A- Excellent question.  Estate planning is all about making sure that your wishes are carried out when you are not able to carry them out yourself – not only when you pass away, but also during your lifetime should you experience a period of incapacity.  At Samuel, Sayward & Baler LLC we see our role as guiding our clients through that planning process, making sure their wishes are carried out, and helping them achieve the goal of making it easier for their families – that’s estate planning.  Read on for more about this.

Making a Will, or updating an old Will to state your current instructions as to the distribution of your assets at your death is a vital piece of an estate plan, but it is only one piece.  It is also important to plan for the possibility that you may experience a period of incapacity prior to your death.  This involves creating legal documents that designate people you choose to have authority to do things like pay your bills, file your taxes, manage your investments, make decisions about your health care, and use your assets to make sure you are cared for as you wish.

In addition, people often want to make it as easy as possible for family members to settle their estate at their deaths and to minimize costs and taxes.  When you meet with an attorney at Samuel, Sayward & Baler LLC for estate planning, she will also discuss probate avoidance and estate tax planning if these are a concern.

Finally, given the high cost of long-term care these days, the estate planning meeting will include a discussion about long-term care planning options and the advantages and disadvantages of these options.

We look forward to seeing you!

December 2017

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