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What exactly is an estate plan?

Posted by The Ladd Firm | Nov 30, 2018 | 0 Comments

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So what exactly is an estate plan? You may be thinking estate plans are only for really wealthy people or wondering if you really need an estate plan. Many people are under the impression that your estate plan only works to give your stuff to your spouse or kids after you die, but if that's ALL your estate plan does, you probably don't have a complete package.

Think of your estate plan as a risk management puzzle. For some people, that puzzle is as simple as putting together the four perfectly matching corner pieces. For others, it's more like a 5000-piece 3D jigsaw puzzle made up entirely of black and white lettered pieces. Before you start thinking about dumping all those pieces back in the box in hopes of never seeing them again, remember that most of us will fall somewhere in the middle of those two extremes. Unfortunately, it can start to feel like someone dumped an assortment of pieces from different puzzles into one bin when all you're looking for are the pieces to YOUR puzzle. All the different options available for the more complicated scenarios can be overwhelming. Fortunately, having an estate planning attorney means you have someone who can look at the picture you're trying to create and solve the puzzle in a way that's right for you.

Each plan is different because each person's situation is different. Among other things, your estate plan may also include tools to prepare for incapacity, healthcare decisions, and care for anyone who may depend on you. The pieces you may need are reviewed by you and your estate planning attorney to decide which ones best match what you would like to accomplish. Your attorney then connects those pieces into a comprehensive plan, making them all work together to form the whole picture. Your plan won't stop unexpected events from occurring, but it can mitigate your risk and help you and your loved ones navigate tough times.

If you would like to learn more about what plans may work best for you, attend one of our free workshops. To reserve your seat, call 251-431-6014 or visit LaddFirm.com/events.

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