It is estimated that six in ten adults living in the United States do not have a will or a living trust. If you are like most people and want to make sure that your property and money are passed on to your heirs with as little going to the government and expenses as possible, it is essential that you have a well thought out and documented estate plan.
With the start of the year, many people begin to start thinking about their New Year’s resolutions, and estate planning is going to be on a lot of people’s lists. There is one reason that this should be on that list, and it is that something could happen today.
While a will is the first document that people think of when you talk about estate planning, it may not be the most important consideration. A power of attorney “POA” allows someone else to handle your legal, financial, and medical matters. An advanced medical directive or a living will detail the treatment you want if you are unable to communicate your wishes and are at the end of life.
Your will, trust, and other asset transfer documents such as beneficiary designations and transfer-on-death instructions will allow for an orderly transfer of your assets after your death and may allow your estate to avoid probate entirely. Assets held in a state other than your state of residence will have additional probate considerations.
A well-designed estate plan will also take into consideration the tax situation of your estate and be designed to be the most tax efficient.
If you would like a complimentary analysis of your estate planning needs, please feel free to reach out to me to schedule a quick virtual meeting. Why wait to do something that should be done today.
The above is the opinion of the author and should not be relied upon as investment or legal advice or a forecast of the future. It is not a recommendation, offer, or solicitation to buy or sell any securities or any investment strategy. It is for informational purposes only. The above statistics, data, anecdotes, and opinions are assumed to be true and accurate. Grand Canyon Wealth Management does not warrant the accuracy of any of these.
Michael J. Day CPA PFS™ is the founder of Grand Canyon Wealth Management, where he provides financial planning, estate planning, wealth management, insurance, and investment services. For more information, or to schedule a complimentary consultation, visit grandcanyonwealthmanagement.com, call (480) 590-3590, or e-mail Michael.j.day@lpl.com. You may also follow him on Twitter @GrandCanyonWM. Securities and advisory services provided through LPL Financial, a registered investment advisor member FINRA/SIPC. Grand Canyon Wealth Management is not an affiliate company of LPL.