Riley Bennett Egloff Magazine January 2019 | Page 16

Why You Should Complete (Or Update)
Your Estate Plans Today
Originally Published December 2018
By: Ryan L. Leitch, RBE Attorney
Regardless of whether
you are single or married,
have children or not, are
working or retired, or have
significant assets or none,
there are many reasons
why you will benefit from
creating or updating your
estate plans. If you have
thought about establishing
(or updating) a Will or
Trust or other documents
but have not taken steps to
do so, you are not alone. Statistics show that less than 25%
of people who would benefit from the legal or tax aspects
of a Will or Trust have them in place. And for those with
estate planning documents in place, most haven’t reviewed
or updated their plans for years. Planning for your death or
incapacity, or that of your spouse, is not easy to think or talk
about. However, once the documents are in place and up to
date, it will provide you a level of comfort knowing that your
current wishes and plans to provide and care for your family
and those persons and causes important to you are in place.
This article provides an overview of several estate planning
topics and considerations.
16
Riley Bennett Egloff LLP - January 2019
Why Do You Need a Will or Trust?
Wills or Revocable Trusts are documents used to state your
wishes as to the handling and disposition of your property
after your death. Both documents are generally able to
accomplish the same result as to disposition of your property,
but there are different benefits that direct which is better for
each person’s circumstances and wishes.
If you do not put a Will or Revocable Trust into place,
applicable state law dictates who is appointed as personal
representative to administer your estate and distribute your
property, how and to whom your property is distributed, and
if you have children, who will be appointed as their legal
guardian. The results dictated by state law almost never
represent a client’s desires, and often create unintended
emotional and financial consequences. Proper planning
through the use of Wills and/or Revocable Trusts leads to a
more orderly process of administration of your estate.
Additionally, there are other consideration that dictate or
necessitate individual and family estate planning, including:
Planning for Children and Spouses,
and by Unmarried Couples.
Proper planning ensures that your children are taken care of
after your death. Your Will or Revocable Trust can establish
trusts for your minor or adult children with a trustee that