Planning for the future involves more than just creating a will; it’s about securing a legacy. Estate planning not only addresses the distribution of your assets after you’ve passed but also ensures your wishes are followed if you become incapacitated. A recent article from North Shore News emphasizes the importance of comprehensive estate planning in “How to secure your legacy with estate planning.”
A solid estate plan typically includes a last will and testament, powers of attorney, and healthcare directives, such as a healthcare proxy or healthcare power of attorney. Without these essential documents, your family may face added stress, legal hurdles, and expenses, and your wishes may go unfulfilled. Proactively creating an estate plan is an important step in relieving this burden from your loved ones.
For those who wish to make a difference beyond their lifetime, charitable giving can be a key part of their estate plan. Whether you donate to individual charities or use Donor-Advised Funds, thoughtful planning can create a legacy of giving and may also offer tax advantages. Working with an estate planning attorney can help maximize the impact of these gifts for both the charities and your estate.
Estate planning is especially important for women, who tend to live longer and may have fewer retirement resources. Women should consider who would be their primary caregivers if they outlive their spouses or partners. For solo agers, having a detailed estate plan is crucial to ensure their wishes are honored and their future is secure.
Estate plans should reflect the unique needs and relationships within each family. Regular reviews are vital to ensuring the plan aligns with changing circumstances and evolving laws. One estate planning attorney suggests reviewing your estate plan every four years, such as after each presidential election, to help keep the plan up-to-date.
A thorough and regularly updated estate plan considers both your personal situation and changes in estate laws. For example, the SECURE Act has changed how retirement account assets pass to heirs, and recent rules for Roth IRAs and SEP accounts have introduced significant considerations for legacy planning.
At the Werner Law Firm, our estate planning attorneys help you craft a comprehensive estate plan that addresses both your lifetime needs and the future disposition of your assets, ensuring your wishes are fulfilled and your legacy is protected.
If you have any questions, schedule a free consultation with us through our online appointment page.
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Reference: North Shore News (October 2024) “How to secure your legacy with estate planning”
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