You may be asking yourself, “Why is an IT company talking about estate planning?” At Silverado, we work to protect our client’s IT infrastructure now and for years to come. We’re extending this mindset beyond technology because we want to help you protect all that is important to you. As part of our New Normal blog webinar series, we invited a local expert to teach us how to protect our loved ones for the long haul through estate planning.
Why is now the perfect time to review your plan? Are you protected? We reached out to Rimon Law’s Brent Nelson to help guide this important process and answer your questions. If you want more information, we’ll delve deeper into the topics below in our webinar on August 11.
What Are Some Common Misconceptions About Estate Planning?
Brent Nelson [BN]: Many people falsely assume they don’t need to worry about estate planning until they’re older, but the fact is the sooner you get a plan, the better set you and your loved ones will be down the road.
Another misconception is that estate planning is complicated. Yes, the laws can be complex, but the process doesn’t have to be. It’s just a matter of looking at your assets (everything from your IRA to real estate) and knowing which laws apply. That’s where an estate planning expert comes in handy.
Estate planning doesn’t have to be expensive. You can use free or affordable online tools to DIY your plan, work with a paralegal or legal document preparer, or hire a lawyer who can advise you on what to do.
What’s The Difference Between a Will And a Trust?
BN: A legal will is effective when you die and outlines who gets your property, including anything you own that does not have a designated beneficiary.
Trusts—which can be used both while living and after you die—name a trustee to manage all assets and act on your behalf. This is a private arrangement.
A basic estate plan includes a trust and is the main document that covers how you will use your assets during your lifetime. It sets what would go into a will in terms of who gets what when you die. A trust can be a substitute for a will once you pass on.
What Are The Most Important Estate Planning Documents?
BN: You might not realize it, but healthcare documents are the most important estate planning documents. You should set up a healthcare power of attorney (you can find this form free on your Secretary of State’s website) to designate who can manage your affairs and make healthcare decisions on your behalf if you are incapacitated.
This also can help you if you don’t have a will. Otherwise, your state will determine how your assets are divided.
Review Your Estate Plan Periodically!
BN: Things change in your life over time, as do laws like Trump’s tax overhauls, and this can impact your estate plan. It’s a good idea to review and update regularly.
How Can You Learn More?
Please attend our estate planning webinar on August 11. You can also contact Brent Nelson and he can put you in touch with the right person based on your current situation.
Silverado is always looking for ways to add value for our clients, prospects, and the community we call home. We hope you found this information valuable.
Want to learn more? Be on the lookout for an invitation for an upcoming webinar!