You’ve worked hard all your lifetime. Yet no matter how large your estate or your level of wealth, a regularly updated estate plan is an essential part of your financial future, ensuring that your loved ones benefit the most from your legacy.
Planning ahead is a gift. Some people think they’re too young – or not wealthy enough – to have an estate plan. Others may have an estate plan in place but haven’t reviewed or updated it in years. The truth is, most people want to make sure their affairs are in order and their wishes are respected when they die. Yet the process can feel overwhelming and they just don’t know where to begin. Hook Law Center can help. Our experienced legal and financial experts are here to guide you through the maze of estate, financial and personal care planning options so you can make smart decisions for your future. Your family’s future, too.
What goes into an estate plan?
- A Will – Determines wo inherits your property when you die, guardianship for small children and funeral arrangements.
- A Trust – Guides distribution of payments or property to your beneficiaries
- Healthcare directives – Sets forth your medical wishes should you become disabled or unable to make your own healthcare decisions
- Financial power of attorney – Determine who control your finances if you become disabled or unable to make financial decisions on your own behalf
With a properly prepared estate plan in place, you’ll know that your wishes and instructions are legally documented, and your legacy and loved ones are protected. Yet it’s important to remember that creating an estate plan is not a one-time event. Life can change fast, so it’s essential to review and update your estate plan at least every three to five years to reflect those changes and be sure your wishes are passed on. Maybe your family has welcomed new grandchildren since you created your first estate plan, or experienced other major family events such as a death or divorce. You may have bought a new home or purchased a large asset, made significant changes to your career or investment portfolio, or noted changes in tax law. All of those things and much more can significantly impact your estate plan – and the way your legacy is passed on to your beneficiaries.