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Embracing Inclusive Estate Planning: The Advantage for Everyone.
The concept of estate planning has often been associated with the affluent and the elderly. However, inclusive estate planning broadens this scope, integrating a comprehensive approach useful for everyone, irrespective of age, socio-economic status, family dynamics, or financial standing. Data from the 2021 Estates, Trusts and Wills report by the American Bar Association underscores the relevance of estate planning across demographic barriers.
An Overview of Inclusive Estate Planning.
Inclusive estate planning ensures your assets are handled as per your wishes and eases the administrative burden for your heirs, reducing possible conflicts. Despite the general pessimism that estate planning is costly and complicated, a 2019 report by Caring.com showed that 76% of younger adults in the U.S don’t have a basic will.
Though estate planning requirements differ across individuals, common elements most estate plans cater to are:
• Documents to manage your estate – includes wills, living trusts, and special purpose trusts.
• Healthcare decisions – documents that appoint someone to make medical decisions if you cannot.
• Financial decisions – legal documents conferring authority to someone to oversee your monetary affairs if you’re incapable.
Wills and Trusts: Two Pillars of Estate Planning.
For a comprehensive estate plan, two crucial documents primarily considered are wills and trusts. According to the American Association of Retired Persons, 2020, only about 42% of U.S. adults have these fundamental documents.
A will provide a legal description of how your assets are to be distributed after your passing. On the other hand, a trust gives you control over your asset distribution while living and upon death.
The Importance of Healthcare and Financial Power of Attorney.
Considered a cornerstone in estate planning, Powers of Attorney (POA) offer multiple benefits. A survey from Age Wave and Merrill Lynch, 2017, reported that 91% of individuals aged over 55 consider a healthcare POA essential.
Healthcare Power of Attorney allows you to designate a trusted individual to make health-related decisions on your behalf if you are incapacitated. Financial POA lets you appoint someone to manage your financial affairs, including paying bills, managing investments, and selling properties.
Dispelling Myths Around Inclusive Estate Planning.
Contrary to popular belief, estate planning isn’t exclusive to the wealthy or the aged. Regardless of how little you think you own: if you have certain assets like a checking account and a car, you have an estate. Here are two common misconceptions debunked:
• Estate planning is for the elderly: Statistics from the National Safety Council estimate an American is accidentally injured every second, underlying the importance of estate planning irrespective of age.
• Estate planning is only for the rich: While a large estate may have more complications, anyone who owns any asset needs an estate plan.
Maximize Your Estate’s Value with Professional Assistance.
Turn to certified public accountants like DeFreitas & Minsky LLP, for accurate, ethical, and inclusive estate planning. We provide quality services, including tax planning, business consulting, bookkeeping, and audit representation to individuals, corporations, and partnerships alike.
Inclusive Estate Planning: The Final Say.
The crux of estate planning lies in peace of mind, knowing your affairs are in order, benefiting everyone with assets to protect. Regardless of how small or large you perceive your estate to be, an inclusive plan helps marshal maximum control over your wealth and how it’s disbursed when you are no longer here. Furthermore, estate planning also involves less tangible aspects such as your healthcare preferences, protecting your values, and securing your loved ones’ financial future.
Effective estate planning requires industry experience and in-depth knowledge. Certified public accountants like DeFreitas & Minsky LLP can help you craft a well-thought-out plan that aligns with your specific needs and circumstances. Remember, an inclusive estate plan doesn’t just summarize your decisions. Instead, it represents a lifetime of hard work and the financial future of those you care about the most. Let professionals guide you with uncompromising integrity and unparalleled dedication to provide the security your family deserves.
