Did you know that you have an estate plan? It may not be the fancy black leather binder that sets you back two grand. It also may not be the inexpensive one you got using your union benefit or workplace voucher. If you live in United States, your state has its own intestate laws which is your default estate plan. These laws serve as a roadmap for the probate judge on how to distribute your assets and liabilities at your death.
And you may have no idea what will happen with any of it.
I'm not here to provide legal advice (I’m not an attorney) but to give you some education to prompt you to take action and examine your own situation and your own state's intestate laws.... Then seek legal advice if you are not satisfied with your current status quo.
Estate Planning doesn't have to be expensive or complicated. It just has to be yours and reflect your own individual situation. It should also follow your state's own funky laws (Texas, anyone?) and be updated to reflect modern assets like crypto, social media cash-flow, domain names and cloud storage.
Also be mindful of the Common Law vs Community Property rules that vary between states. If you set up an estate plan through legal documents in a Common Law state, then moved to a Community Property State, this could be reason enough to double check that your current documents reflect your current situation now that you reside in a new state.
It can also name guardians for your young children and set up provisions to take care of your pets after you are gone.
And if I haven't yet convinced you...
Estate Planning isn't just for the morbidly minded… But also, for those of us that think we are going to live forever! Estate Planning also covers legal documents referencing who your named power of attorney is that can make your healthcare or legal decisions when you are alive but cannot make those decisions for yourself. It can grant you access to speak on behalf of your college age children during healthcare procedures or even aid in negotiating your college athlete's NIL contracts if set up properly.
Having your affairs in order is done mostly for those who love us enough to take care of those affairs after we are gone. Think of this type of planning more as a "I want to make my daughter's life easier" planning than "who gets the money when I die" plan. It's going to happen to all of us one day, why not make that process easier on the ones that care about us?
I rest my case.
Kimberly Enders CFP® CWS® CERTIFIED FINANCIAL PLANNER™
Enders Wealth Management
37800 Van Dyke Ave, Suite 125
Sterling Heights MI 48312
www.enderswm.com
#kimenderscfp
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