Everyone needs and deserves legacy planning. Ladies in Law®, as experts in this field, ensures that happens by making quality 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 combination of customized documents that include 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 a court deciding for you.
Is a legacy plan only for rich people?
No, many people believe that 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 court.
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 that beneficiaries use their inheritance wisely.
DECIDE: To decide who will make your medical decisions if you can’t, which includes pulling the plug, you need legacy planning.
Legacy planning documents include:
WILLS: set forth your wishes as to how your assets should be distributed upon death, and which person is to manage and/or disburse your property; can also appoint a guardian for your minor children and dependents.
TRUSTS: special relationship in which you give the trustee (which could also be you) the right to manage your assets for the benefit of a beneficiary or beneficiaries; established to provide legal protection for your assets, to make sure those assets are distributed according your wishes, and to avoid the time, expense and hassle of probate court.
POWERS OF ATTORNEY: allow you to give someone legal authority to make important 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 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.