What is Estate Planning? (Video)

Do you think “estate planning” is just about creating an inheritance plan?

So, what exactly is “estate planning” if it isn’t all about leaving an inheritance?

Hi, I’m Gary and I own DeWitt law firm where we do great estate planning.

Your plan starts with a no obligation consultation. Get your no obligation consultation by going to plan with Gary dot com.

Estate planning is ancient. If you read the Bible, in Isaiah 38:1, you will find planning mentioned: “Set your house in order, for you shall die and not live.” The Greeks left Wills. Shakespeare left a Will.

Traditionally, estate planning was all about property and arranging for somebody to take over managing your business after death. But over the years it has evolved to cover much more than that.

Most people I talk to think that estate planning is about nothing more than passing their property to the next generation.

But planning is much more than just planning for your property, money, stuff, and estate. It is now about protecting you, your family, and your money during your lifetime too.

It’s not uncommon for me to see families who have had a parent or other family member develop sudden onset dementia, had a heart attack, had a stroke, or otherwise have become unable to manage their affairs.

“Estate Planning” is about protecting you, your stuff, your money, your privacy, and your estate during your lifetime as much as it is about leaving an inheritance. It plans for loss of capacity and keeps you and your family out of court.

Under the law, nobody but you has permission to make your decisions unless you give them permission. And to stand up in court, the permission must be in writing and done the correct way.

If something happens and you become unable to manage your affairs and money, then without a proper plan in place, nobody has automatic permission to manage for you. Somebody, hopefully somebody you want, must go to court, and get a Judge to give them permission.

Then that person must answer to the Judge every year with a report, inventory, and accounting of what you have. That puts what you own in the public record ruining your and your family’s privacy. Companies watch these records just waiting to pounce. Once they know that there is money available, they’ll present offers. Some of these are legitimate. Others are just financial predators trying to prey on your family and you.

This also applies to your medical decisions. Nobody but you has permission to make your medical decisions for you unless you give them permission. And the permission must be done the right way to be honored by the medical professionals.

Finally, traditionally planning is about passing your property on to the next generation. This is what Wills and Trusts are for. Trusts also help protect and manage your property during your lifetime. I’m not going to get into the differences, advantages, and disadvantages of these now. Suffice it to say that you can pass property on without creating more legal hassles and expenses than necessary.

Planning starts with a free no obligation consultation.

Schedule your consultation at plan with Gary dot com.

If you have questions or want us to start your plan, go to http://www.PlanWithGary.com

Thanks for watching.

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