“Create your own plan”
Do you know what will happen to each of your assets and liabilities when you become ill or when you pass away?
When you hear the words “wills, trusts, estate planning lawyers, guardians, powers of attorney, medical directives,” you might feel some anxiety. It all sounds very complicated and potentially expensive.
However, if you have children, elderly parents, savings, or a home, you would benefit from creating a formal estate plan. If you fall in the 55% of people that don’t have a will, your risk potentially leaving your family with high court fees and a drawn out legal process during this sensitive time. You might put off estate planning because you think you aren’t rich enough, you aren’t old enough, you’re too busy, or you simply don’t know where to start.
If you don’t have your own formal estate plan, your state laws will dictate how, when and to whom to distribute your assets.
Eric and Jill reached out for help after Jill’s dad passed away without a will. He had remarried late in life and his new wife was fighting for control over the assets. Jill knew her dad would want her to be taken care of, but without a will there wasn’t much they could do. Our Financial Life Inspection® will take a look at your current estate plan for any potential issues, or we’ll recommend steps to take if you’re just getting started.
Back to the original question: Do you know what will happen to each of your assets and liabilities when you become ill or when you pass away?
If you can’t answer this question confidently, then we should talk. Don’t leave your family picking up the pieces if something happens to you. Through your Financial Life Inspection®, Pacific Capital shows you exactly what you need for your estate plan and can help you get started or review your existing plan. Reach out to us to get started today.