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Estate planning may be unpleasant, but it is necessary

Far too many people in Washington, DC, and around the country do not even have a will. People who shy away from estate planning often do so because they do not want to contemplate their own demise. It may be an unpleasant topic, but it is necessary.

No one is going to live forever. Further, no one knows when they will pass away. Therefore, the sooner that even a basic estate plan is set up, the sooner the individual and his or her family members can have some peace of mind. In addition, it may be possible to limit the amount of taxes taken out of an estate, if any. This provides heirs and beneficiaries with more value from an estate.

A plan does not only cover what will happen upon death, but it also covers what happens should a person become incapacitated due to an accident or illness. Even if the incapacitation is temporary, decisions will need to be made regarding health care and finances. Without powers of attorney, it may be necessary for someone to petition the court for the right to make decisions on a person's behalf. This could not only waste precious time but money as well.

Every Washington, DC, resident's needs are different. It depends on the nature of a person's assets and portfolio what kind of documents will best fulfill his or her wishes. Therefore, it may be beneficial to seek the counsel of someone who can help meet an individual's estate planning goals -- no matter what his or her desires may be.

Source: cincinnati.com, "Planning a legacy is personal, crucial", Ed Finke and Nathan Bachrach, Sept. 4, 2014

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