Estate Plans. We haven't talked about them and you KNOW we should.
Not being qualified myself to discuss them. Emily Humphreys-Beher, a Trust Officer with Community Bank & Trust of Florida, generously offered to be interviewed.
I’m 36 years old. Do I really need an estate plan?
Yes. By the time you are 36, you probably have at least some assets. An estate plan can be as simple as a Will, and naming your beneficiaries in any life insurance or retirement plans or as complicated as family limited partnerships or multiple trusts. The degree of complexity in an estate plan depends on several factors: how your assets are already titled, whether you have children and a spouse, and the degree of wealth you’ve attained. There may be other factors, too, such as being a single parent with young children or providing for a relative with disabilities. Estate planning boils down to the most efficient way to pass on your assets, exert control when necessary, and alleviate the expense of probate and estate taxes.
If I already have an estate plan (I do), when should I update it?
I think that the recent examples of Heath Ledger and Anna Nicole Smith remind us that whenever you have a major life event (such as the birth of a child) you need to get that Will out and make any necessary changes. In any event, you should read through your documents every couple of years and make sure your intent is the same.
Tomorrow, we'll talk about whether we need local estate planning assistance and what the biggest mistakes, Emily sees with estate plans.