Should Estate Planning Be Called Life Planning?
When you hear the phrase “estate planning,” what comes to mind? Something that’s done by railroad and hotel tycoons, perhaps? Maybe that reference is a bit dated. Today, a social network founder or reality star may come to mind.
The truth is, distributing your assets after your lifetime is called estate settlement. Deciding in advance how you want this done is estate planning. So now what comes to mind when you hear “estate planning”? Maybe your home, car or retirement account?
Perhaps a better term for estate planning is “life planning” or even “in-case-of-emergency planning.” When you don’t plan your estate, you are taking a risk by not having your paperwork in order. After all, many of us never get around to it. Most estimates show that half of all Americans die without a will, and that means the state in which you live will dictate how your property is distributed.
That’s why PETA is reminding you to take the first step in planning your estate by learning how to create or update your will. It is the single most important legal document you can own, and with the help of a good estate planning attorney, it may be easier to set up than you think.
|Find tips for creating your will in our free guide.|
Share the sample bequest language for PETA with your estate planning attorney:
“I, [name], of [city, state ZIP], give, devise and bequeath to PETA [written amount or percentage of the estate or description of property] for its unrestricted use and purpose.”
A will not only protects your family’s future, but it can also protect our future if you decide to give a portion of your assets to PETA. Please contact Tim Enstice at 757-962-8213 or Legacy@peta.org for more information.
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The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.