Estate Planning: Are you Prepared?

One of the greatest myths in the arena of estate planning is that only the wealthy have a reason to plan for the future. This is just not the case. At CLA Estate Services, we are dedicated to helping people understand that estate planning is absolutely vital for anyone. We must all face the inevitable, that at some point, we will not be around to help our spouses or our loved ones. With proper estate planning, one can be assured that their wishes will be carried forth upon their incapacity or death.

While we are still able to do so, this is the time to sit back and think seriously about your estate and ask yourself some serious questions. Who do you wish to inherit your assets? Who do I trust to handle my affairs if I become unable to take care of myself? Who do I trust to make decisions regarding my medical care? At CLA Estate Services, you can rest assured that you will have the resources to answer these questions and implement an estate plan which will ensure that your wishes are carried out.

For most people, there are three common ways to do estate planning. First, do nothing and a judge and state laws will decide who takes care of you and who will get your assets after you pass away. Second, is the widely used Last Will and Testament. A Will is a good starting point. It will outline who you want to give your assets to upon your death. A primary drawback of a Will is that it needs to be probated. Probate is the legal process of proving up a will and the entire process is overseen by a Judge. Unfortunately, probate can be a timely and, sometimes, costly process. How much and how long? The answer to that question is unknown. Another limitation to a Will is that it only operates upon your death and does nothing to help you in the event you can no longer take care of yourself. Called "Living Probate", in the event of your incapacitation, a guardianship or conservatorship must be established and is overseen by a Court. This can also be costly and time consuming process. Further, you have no control over who the Court will assign to handle your estate.

The third most commonly used estate plan is called a Revocable Living Trust. One of the biggest myths is that a Trust is only used for wealthy people for tax planning. This is just not the case. A Trust addresses most of the issues regarding estate planning. It will allow you to maintain control over your assets when you die or when you become incapacitated. Upon your death, the Trust will direct someone you trust to distribute your assets to your heirs as you have directed. It eliminates the probate process, so the oversight of a judge is not required. It also eliminates the unknowns regarding the time and cost of probate since a Trust is not probated. Further, a Trust eliminates the need for a guardianship or conservatorship in the event of your incapacitation. The Trust will direct someone that you have designated and trust to take over the management of your assets in your Trust. While CLA Estate Services cannot tell you which legal estate plan is best suited for your needs, we will educate you regarding your choices so that you know what questions to ask of your attorney. Remember, only a licensed attorney can advise you and draft a legal estate plan that is in your best interest.


We invite you to talk to a CLA financial services representative to help you better understand the need for estate planning and to show how the services of CLA Estate Services can lead you through this process in order for you to have the peace of mind you deserve.