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Home » Estate Planning Articles » Why Everyone Needs an Estate Plan

Why Everyone Needs an Estate Plan

August 31, 2012

Compliments of Our Law Firm,
By: The American Academy of Estate Planning Attorneys

Estate Planning. To many people, it sounds complicated and foreign, something only the wealthy or the elderly need to worry about. It is often not at the top of the priority list for single people or for young couples. Even parents with young children, who know they should at least have a Will, tend to think of estate planning as somehow beyond their reach.

In truth, regardless of your age, your situation in life, or your level of wealth, estate planning accomplishes certain universal goals.

Planning for Illness

What would happen to you or your family if you became very ill – or even if you suffered a debilitating injury – and you couldn’t make your own financial or medical decisions? If you are married, you might assume that your spouse would automatically have the right to step into your shoes and make these decisions for you. However, this is not necessarily the case. If you have accounts on which your spouse is not a joint or authorized user, he or she would likely hit a brick wall when trying to communicate with your financial institutions. The same problems can arise when it comes to talking to doctors or accessing your medical records. If you are not married, your friends or family members would face similar difficulties.

Without the right plan in place, financial and medical institutions require a court order before they will communicate with anyone attempting to make decisions on your behalf. This puts your loved ones in the position of hiring a lawyer and spending time and money in court during an already stressful time in their lives and yours, simply so that they can handle your daily affairs. Add in relatives who disagree over how your affairs should be managed and the trouble compounds.

Whether you are married or single, regardless of your age, you should have a General Durable Power of Attorney, a Health Care Power of Attorney, and a HIPAA authorization.

A General Durable Power of Attorney allows you to name someone to manage your financial affairs in case of your disability. A Health Care Power of Attorney lets you name someone to make medical decisions on your behalf, and a HIPAA authorization lets you direct your physicians and medical facilities to release medical information to certain, specified individuals. These documents work together to keep the details of life running as smoothly as possible for you and your family, without the need for a court order.

Planning for Death

Nobody likes to think about death, but it can happen at any time. If you have not created a plan, the family you leave behind will have to pick up the pieces. The most basic way to plan for death is to create a Will. You use your Will to leave instructions for who gets which of your assets and when, as well as to name a guardian for your minor children.

A Revocable Trust goes a step further, allowing you to distribute your assets while avoiding the time and expense of the probate process. An additional advantage of a Revocable Trust is that, since it is not subject to probate, the terms of your Trust remain private. This is not true of a Will, which is filed in court during probate and becomes a matter of public record.

Estate planning does not have to be complicated, and it is certainly not only for the wealthy or the elderly. Planning your estate is a matter of putting together a few elements that will protect you and your family in case the unexpected happens. An experienced estate planning attorney can help you put a plan in place that is tailored to your family’s needs.

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We need to update our Living Trust and attended Schomer Law Group’s seminar. Afterwards we made an appointment and were impressed by the attention Scott Schomer and Liran Aliav gave to our case answering all questions and making suggestions how to minimize the estate tax. All the office staff is very friendly and we highly recommend Schomer Law Group.

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Mr. Schomer does an amazing job at explaining all the intricacies of establishing a trust. He and his team help you every step of the way so you always know what to expect and what you are preparing for. Best education you can get and the best gift you can give your family.

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We put off getting a trust for years. After attending a seminar with Scott Schomer we realized that the time had come to get a trust. We were given very good reasons for why we should get a trust. No pressure, just the plain facts. We are very relieved and happy to finally get our trust. Scott and Cesar were very knowledgeable, helpful and listened to our ideas of what we had to say. Any questions that we have now and in the future they are available to assist us to solve them. I recommend the Schomer Law Group and I wish we knew about them years ago.

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When you’re presented with an invitation to attend in a mailer, you may have reservations, this was a truly gift!! My wife and I were educated and guided through the process of creating a family trust.
Both of our parents had attorney’s that “worked” with wills/trusts, but came up short. Fortunately, the Schomer Law Group was there! This is a group of attorney’s that only specialize in estate planning, law, and financial advice, so you know you’re getting expert and personalized advice. This is the best money we’ve ever spent!! Thank you!

Bob L.
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We knew we had to update our 10 year old ( 20 page ) trust. After several detailed meetings, Liran and Cesar produced a large ( 300 pages + ) highly detailed trust document that we have used to make sure our family estate is well managed and clearly understood.
They were all very helpful in answering myriad questions and explaining all the various options…

We would strongly recommend the Schomer Law Group to anyone with an estate of even modest means, to assure proper planning…

Bob S.
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We had contemplated updating our will and starting a trust for a number of years. After attending a talk by Scott Schomer we realized we were long overdue and the potential downside of not having our affairs in order was significant. Scott and his excellent team made the process simple and seamless. They were great listeners, addressed all our concerns and even pulled and processed all the paperwork from our financial institutions. If you are looking for assistance with estate planning, wills and trusts, we highly recommend Schomer Law Group.

Robert F.
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Very competent & informative – friendly atmosphere – ready to answer the most mundane questions – relaxed.

Joan S.
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Mr. Schomer was excellent in getting our family trust and estate affairs in order. My husband and I had put off doing this and Scott really made the process easy! He is very passionate in making sure his clients get all that they need and we really appreciated it. I would highly recommend him and look forward to the many years he will be available to assist our family.

Kim

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