Planning can preserve your estate, spare tough decisions during grief
Each of Laura’s siblings thought they knew their mother’s final wishes. However, when she became ill they couldn’t agree on her care. When she passed away, they struggled to divide what she left behind.
Like her mother, Laura doesn’t consider herself wealthy. Creating an estate plan seemed unnecessary. After being at odds with her siblings and paying a large portion of her inheritance in taxes, however, Laura’s reconsidering making some plans to spare her own children added grief.
Many people feel estate planning is for the wealthy, but having an estate plan may actually be more critical for families with more modest means. They can least afford to lose family assets to probate and legal fees or taxes.
Your estate includes your car, home, bank accounts, investments, life insurance and personal belongings. Your estate plan determines how, when and to whom your assets will be distributed after your death.
A financial representative can work with you and your attorney to organize wills, trusts, legal and medical powers of attorney, life insurance and charitable gifts. The representative can also coordinate beneficiary designations on your life insurance, annuities, and savings or retirement plans to make sure your benefits are directed as you wish.
In particular, if you own property, care for dependents, or have been married more than once, you need an estate plan. Mistakes can be expensive and costly to your family’s wellbeing.
Modern Woodmen offers a free, interactive tool to help members prepare and communicate final wishes with loved ones.
You’ve worked hard to accumulate your wealth and belongings. With an estate plan, you can protect your assets for your family and shield loved ones from difficult decisions in a time of grief.
Let’s start the conversation.