Everyone needs and deserves Legacy Planning. LADIES IN LAW®, as experts in this field, ensures that happens by making Legacy Planning accessible.
What is Legacy Planning?
Legacy Planning is typically called Estate Planning but we call it Legacy Planning instead because it involves your Legacy – how you protect, preserve and control your assets, finances, businesses and health decisions, during your lifetime and after. Legacy Planning ultimately means creating a Legacy Plan.
What is a Legacy Plan?
A Legacy Plan is a package of customized documents, including a Medical Power of Attorney, Financial Power of Attorney, Wills and Trusts. These are legally binding documents where you set the rules for your Legacy Plan instated of the State deciding for you.
Is a Legacy Plan only for rich people?
No, many people believe Legacy Planning is only for the wealthy. However, this is false! In fact, everyone needs a Legacy Plan regardless of their net worth. Not matter how much money you have in the bank, you should still control and decide your Legacy Plan instead of the State.
Legacy Plans are critical to transferring wealth and protecting your loved ones.
CONTROL: To control where your assets go after you die, including preventing certain people from receiving them, you need a Legacy Plan.
PRESERVE: Legacy planning preserves your assets, so they don’t bleed out before your loved ones receive their inheritance. It also ensures your beneficiaries use their inheritance wisely.
DECIDE: To decide who makes your medical decisions if you can’t, which includes pulling the plug, you need Legacy Planning.
Legacy Planning documents include:
WILLS: spell out who you want to be the legal guardian of your minor children after you pass, how you want your assets disbursed, and who will be in charge of administering your property.
TRUSTS: legal entities where you transfer assets to during your lifetime. A Trust allows you to manage your property while you’re alive and then after you die, transfer it to your designated beneficiaries. One of the major benefits of a Trust comes after your death, when your Trust assets are transferred to your beneficiaries without going through the costly and time-consuming probate court process.
POWERS OF ATTORNEY: give someone you trust legal authority to make important financial and medical decisions about your medical care or finances if you are unable to do so.
COVID-19 impact on Legacy Planning:
Due to the tragedies brought on by COVID-19, Legacy Planning is now at the forefront of our society. In December of 2021, Apple added a Legacy Contact feature for a trusted contact access to your Apple account after you're gone without having to wait for a court order.