Wills and Estate Planning

Estate Plan: Do I Need One?

You don't need to be wealthy to need an estate plan. This article outlines the subjects typically covered by an estate plan such as your will, funeral arrangements, child guardians and more.

Why you should consider an estate plan.

There are many benefits to having an estate plan. Unfortunately, a big mistake many people make is not creating a plan because they assume that estate planning is only for the very wealthy.

The fact is, whether your estate is large or small, any property you own, your bank accounts, household goods, vehicles, and life insurance are all part of your estate. And if you want to have some say in how your assets are distributed to your loved ones after you're gone, you need an estate plan. Moreover, if you have minor children or even a special needs child who will need to be cared for when you die, estate planning can be especially critical.

Additional considerations for creating an estate plan can include:

  • Appointing a medical power of attorney in the event you become incapacitated and unable to make decisions on your own. Having a medical power of attorney can help you manage your medical and financial affairs in advance.
  • Ensuring that your assets are quickly distributed promptly to your beneficiaries according to your wishes.
  • Enabling you to decide who will take care of your children after you're gone versus having the court decide for you.
  • Allow you to establish a special needs trust to care for a disabled child or aging parent.
  • Allowing you to plan your funeral arrangements in advance.
  • Being able to decide in advance how you want your financial matters to be handled, who handles them, and any other special instructions.
  • The ability to reduce estate taxes so that more of your assets go your heirs
  • If you're a business owner, an estate plan can ensure that your business continues to operate smoothly and to the advantage of your benefactors.

Estate planning can be a wise investment for most people. Often just knowing that your loved ones will be properly taken care of after you're gone is worth taking the time to establish an estate plan. For more information on estate planning visit Protective's Estate Planning Learning Center.

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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective Life or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax‐related decisions. For information about Protective Life and its products and services, visit www.protective.com.

Companies and organizations linked from Learning Center articles have no affiliation with Protective Life or its subsidiaries.

Creating an Estate Plan

People often think that estate plans are only for the very wealthy. The truth is, just about everyone may be able to benefit from having an estate plan. This article explores some of the many considerations for creating an estate plan. For more information, visit our learning center.

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