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STREET SMARTS | Estate Planning Essentials

Eric Schierhorn
06/18/2024

What is Estate Planning?

Estate planning is the process of arranging for the management and distribution of your assets after you pass away or become incapacitated. It involves creating legal documents such as wills, trusts, powers of attorney, and healthcare directives to ensure that your wishes are carried out and your loved ones are provided for according to your intentions.

 

Why is Estate Planning Necessary?

Here are a few key reasons why estate planning is important for everyone:

1. Asset Distribution: Estate planning allows you to specify how your assets should be distributed among your beneficiaries after your death. Without a clear plan, your assets may be distributed according to state laws, which may not align with your wishes.

 

2. Minimize Taxes and Expenses: Proper estate planning can help minimize estate taxes, probate costs, and other administrative expenses, allowing more of your assets to go to your chosen beneficiaries.

 

3. Protection for Minor Children: If you have minor children, estate planning enables you to appoint guardians to care for them in the event of your death or incapacity.

 

4. Incapacity Planning: Estate planning isn’t just about what happens after you die; it also includes provisions for managing your affairs if you become incapacitated and unable to make decisions for yourself. This can include appointing someone to make financial and healthcare decisions on your behalf.

 

5. Avoid Family Disputes: Clear instructions in your estate plan can help prevent family conflicts and disputes over your assets, reducing the likelihood of legal battles among heirs.

 

6. Charitable Giving: Estate planning can provide opportunities to support charitable causes that are meaningful to you.

 

Summary

Overall, estate planning can help ensure that your wishes are carried out, your loved ones are provided for, and your assets are managed efficiently, regardless of what the future holds. It’s an essential component of any comprehensive financial plan, regardless of your age, wealth, or family situation.

Connect with Eric or any member of the Abbey Street team to start a conversation around your estate planning needs.

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About The Author

Eric Schierhorn

Eric Schierhorn is a Private Wealth Advisor at Abbey Street and is uniquely skilled in our financial planning technology. Eric holds a Certified Financial PlannerTM designation and supports the Private Wealth Management team.

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Learn More, Sources, and References

  1. Investopedia.com –https://www.investopedia.com/terms/e/estateplanning.asp
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