Who needs an estate plan?
Most adults should have an estate plan, regardless of the value of their estates. An estate plan is necessary to name the beneficiaries who will receive your property after your death. If your estate has substantial value, a good estate plan can assist in preserving your property for your heirs and reducing or eliminating federal estate taxes on your death. Everyone should designate the person or persons who are to manage their financial affairs, care for them and make health care decisions in the event they become incapacitated. Factors That Require Estate Planning If any of the following situations apply to you, you should consider adopting an estate plan to accomplish your objectives: • You own real property or personal that you want to give to one or more beneficiaries who would not inherit the property is you were to die without a Will? • You have children under age 18 for whom you need to designate a guardian or a conservator. • You have children from another marriage and you wan
