There is a very distinct philosophical divide involved in the thought processes that guide estate planning efforts here in Wyoming, and part of this has to do with your resources. There are people with limited resources who have no estate goals per se; they planned for their retirements, and if there happens to be something left over when they pass away, great, if not, so be it.
Others of more significant means may not have specific estate goals in mind either, but it is not because they don’t have the interests of their heirs in mind. They know that they have the resources to leave behind a legacy that they are comfortable with regardless of what they choose to do during their retirement years without setting goals and sticking to a plan.
Then there are those who want to do certain things for their families who need to make advance plans to be able to achieve these goals. For example, if you had to work your way through college and know firsthand how difficult it can be to burn the candle at both ends, you may feel very strongly about making sure that future generations always have the ability to get an education. This is a decision that you might make when you are planning your retirement, and once again, depending on your means, this estate goal can have a very significant impact on what you decide to do in the present.
One of the biggest things you can do for your family is planning for your death. Death and dying are not people’s favorite topics and yet it happens to all of us. The result is that many place their families into bad situations unwittingly. The solution to this is speaking to an estate planning attorney ahead of time.
An informed attorney can help you understand what needs to be done. We recommend that advanced healthcare directives be established for everybody – regardless of their age. The cost is a mere $75 and can save more than that in heartache. Do you want to be kept alive by a machine? Everyone has a different answer, but if you don’t establish an AHCD your family will never know. This means they will have to suffer the anguish of guessing at your wishes. One of the first questions we will ask you is whether you have written a living will.
Sometimes when you are going through life working hard and putting together some assets you can have moments here and there when you ask yourself what it’s all about. Once your own needs are met, what is your motivation? He who dies with the most toys wins? When you set and then achieve estate goals, you add a layer of meaning to your life, and the texture of your experience is richer for the effort.
Charles B. Pyke Jr. is a leading provider of expert estate planning guidance in Wyoming, GA. For more information on estate planning goals and other estate planning services, visit our website.