Do I Need Estate Planning?

The State of Alabama provides an estate plan for everyone. It is a one size, and it fits everyone. Fits everyone? Not really. It works about as well as one-size fits all pants would work at Walmart. They would fit a few people just right, but most would want to choose their own size. That is what we do at Vertical Estate Planning.

VEP custom tailors an Estate Plan for you, and your needs. So, the real question is do I need customized estate planning. If you are concerned enough about estate planning to be reading this, then you very likely need a custom-tailored planning.

Here are some factors that would suggest custom planning:

• If you have a child under 19 years old. ~ A Will could specify the person or persons you want to care for your child(ren) if you are gone.
• If you have a child who might not be the best choice to manage $100,000 (or his/her share of your estate) at age 19. ~ A Will could place the money in trust with a trustee and guidelines on how to spend the money chosen by you.
• If you are married, do not have children and have more than $100,000 in assets. If you die without a Will your spouse gets the first $100,000 and 50% of the rest. Your parents get the other 50%.
• If you own a business in your name alone or a part of an LLC. ~ If you have children, this business will likely have to be sold or divided between children or a spouse and children. This could have devastating effects on that business.
• Do you have a Blended Family? Without planning, one set of children will be left out entirely.
• Privacy. Probate court is a court of public record. ~ Anyone can go look at the files or in many counties, can view the file on-line.
• You might become incompetent and need assistance with finances.
• You are concerned that if you die, your spouse may remarry. ~ A second marriage could take assets away from your children.

Should the State decide…who gets your Assets, or should you?