Estate Planning – Back To Basics


9-29-12 (2)– By Libby Banks, The Law Office of Libby Banks, PLLC

Who Needs Estate Planning?

Many people think estate planning does not apply to them because they “don’t have an estate to plan!” But the dictionary says ‘your’ is “all of the things that a person owns.” We all have an estate!

Estate Planning is More than Distributing What You Own at Your Death

A good portion of estate planning is planning for the distribution of property at death. But you also need a plan in case you become incapacitated. Who will manage your assets and your financial affairs if you can’t? Who will make decisions about your healthcare? With proper planning, you decide that ahead of time, and assure that the right person can quickly take charge and see that you and your finances are taken care of while you are out of commission.

Putting an Estate Plan in Place Means More than Writing a Will

A Will alone isn’t enough. If you are alive but can’t take care of your financial matters, a Will doesn’t help you – it’s only effective upon your death. Instead, you need a Will along with a whole series of other documents to assure that you have a proper estate plan.

For your financial affairs, you need a Durable Power of Attorney. You need a Healthcare Directives to appoint who can make health care decisions if you can’t, and to direct your agents in those decisions.

Learn More About Estate Planning

Learn more about estate planning at my monthly seminars at Stonecreek Golf Club. More information can be found at www.libbybanks.com/events or by calling us at 602.375.6752.

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