Estate Planning for the Young and Poor

Lately the topic of estate planning is big over at Fox News. Even if you’re not rich and famous, or not older, you still need a good estate plan. What’s the big deal?

Estate planning can start as soon as you have something of value that you’d like to pass on to someone in the future. Even an 11-year old boy with an antique baseball signed by Babe Ruth can start planning an estate. If your older, you’ve had time to accumulate more things that you’d like to pass on if you became incapacitated or in the event of your death. This is where estate planning comes into play.

Planning your estate is something that is going to take a little bit of time and consideration. You should know that by no means are the documents set in stone as long as you live. So, as life changes, you may need to change your entire state plan, or even just parts of it.

As we stated in a previous post, a will does a good portion of this from designating who gets what in terms of property and money.  A trust complements the will in such a way that it starts long before you pass away and develops a management plan for your will, estate, and money that you’ve built up – even if it’s just a few pieces of nice jewelery.

Ford + Bergner can assist you when you contact us about up to date rulings, laws, and estate planning techniques.