Avoiding Mistakes in Estate Planning
DUE TO THE COVID-19 VIRUS, THIS EMAIL WILL BE THE ONLY February 2021 NEWSLETTER YOU WILL RECEIVE FROM US.
As we begin this new year of 2021, I wanted to remind you that a good estate plan can save your heirs money; it also protects you and your family while you are alive. If you don’t have a plan and you become incapacitated, someone will have to go to court to be named your guardian so that he or she can make medical and financial decisions for you. This process is not only unpleasant but could also easily cost $10,000 or more. If other family members object, the process could cost even more.
To avoid such a situation:
Put a basic estate plan in place.
Make a Will which states your wishes and who you want to inherit the property that you own.
Name Beneficiaries - on Retirement accounts, Life Insurance, and Investment accounts which direct who these assets will go to when you pass. Naming beneficiaries also avoids probate.
Financial Power of Attorney This document will allow the person you name to make financial decisions for you when you are no longer able to do so.
Advance Health Care Directive in which health care decisions can be stated.
A Trust, which can hold some or all of your assets, and which allows the assets put into the trust to pass directly to your heirs upon your death, avoiding probate.
Hire an attorney who specializes in estate planning by getting a referral from your accountant or financial planner. Then call a few and ask how much they’ll charge, if anything, to meet with you for an hour and discuss your estate-planning needs. After your consultation, concentrate on negotiating the lowest price you can with the lawyers you like the best.
We are always happy to hear from you.
In divine friendship,
The year 2020 was the 100th Anniversary of Yogananda arriving in America, and the online events that happened last year helped Ananda reach many more people all over the world.
Each Ananda Community and Center faced its very real challenges in being able to do this, but, each event did happen!