How important is it to you that you provide for the financial security of your heirs after you pass away? The Wall Street Journal recently reported that for half of the Baby Boomer generation, the answer to the question is “Not important at all.” The fact that many Baby Boomers do not think providing for the financial security of their heirs has received a lot of press. However, if you are reading this blog, then you are probably in the other half. The question then becomes how you can provide that security.
Essentially, estate planning is a three-step process. First, you gather wealth. Next, you create the legal documents to manage your affairs if you become incapacitated and to distribute the wealth to your family, friends ans charities you choose. Finally, that wealth is distributed to your selected loved ones after you pass away according to the terms of the estate plan. Of course, it is never that simple. Leaving aside the difficulty of gathering the wealth in the first place, how you create the legal framework for leaving it to your heirs is also difficult. There is not a single solution that will work for everyone.
If you are a Baby Boomer and want to make sure that your heirs are financially secure, talk to an experienced and qualified estate planning attorney. Only an expert and experienced attorney can help you create the legal framework that is most appropriate for your needs.