Who Needs a Will?

When asked, “Who needs a will?” I often remind people that it’s not always about the money. It’s about the people you love. And you need more than a will – you need an estate plan.

You care about the people in your life – and that is who your estate plan protects.

Here’s a list of reasons why everyone needs an estate plan:

1.  Life Insurance. You probably have life insurance. How do you intend it to be used? Life insurance provides liquidity to your estate and can be used to pay death taxes and be distributed to beneficiaries. Did you know that if you hold your life insurance policy in an Irrevocable Trust arrangement, the proceeds can be transferred to the beneficiaries without estate tax? It will also protect the funds from creditors seeking payment from your estate.
2. Family & Friends. An estate plan can protect those who will inherit your assets by minimizing the death tax impact. It will also establish a plan for those who may need financial management and other assistance.
3. Legacy Planning. This is a fancy term for creating a trust that will provide for your children, grandchildren, and others you designate. Trust assets grow faster because they are not subject to full death taxes and are protected from creditors for years to come.
4. Special Needs Trust. If you have loved ones who will need help managing their inheritance to maximize the benefit, a special needs trust is a must. This is especially true for incapacitated and special needs individuals who receive government assistance. Did you know that receiving an inheritance outright can disqualify someone from receiving government benefits? Placing the inheritance in a Special Needs Trust can help protect their benefits.
5. Business Succession Planning. If you own and operate a business, having an estate plan that addresses how your business will be handled in the event of your death can protect both your loved ones and your business.

The attorneys at Gray Law Group handle estate planning for our clients – addressing their individual needs and situations to ensure they have everything needed to protect their loved ones. Call today to schedule a free consultation.