Many people don’t realize the importance of estate planning; they think they don’t need an estate plan because they don’t have a vast estate. The truth is an estate plan deals with the distribution of assets and legacy wishes after you pass away. It can also help your heirs pay substantially less in taxes, fees and court costs as well as alleviate tough decisions. Here are a few questions to ask yourself when deciding if an estate plan is right for you.
Do you have children? How do you want finances distributed or managed for your children upon your death? An estate plan explains how inherited finances will be managed for surviving heirs. It could protect your children from making bad financial choices or from being affected by the poor financial decisions of others.
How big is the estate you will be leaving behind? If your estate is large or complicated (maybe it involves a business, stock shares or retirement funds), it may be worth your time and money to establish an estate plan, so the division of your assets goes smoothly.
Do you want to avoid probate? Probate can be expensive and complicated for surviving heirs. By establishing a living trust through an estate plan, your property will transfer to your surviving heirs quickly and easily without probate, allowing more of your estate going to those you have designated as heirs.
Would you like some money to go to charities? Your estate plan will give direction so that your charitable donation(s) are fulfilled appropriately and in a timely manner.
Do you own a business? If so, you can legally declare a successor for your business (in the event of your death) in your estate plan.
Do you have any potential creditors? An estate plan may protect your assets from creditors during your lifetime and after your death.
Remember, an estate plan is not just for someone with a large estate – it’s something everyone should consider. If you feel an estate plan is a good option for you, BancorpSouth representatives can walk you through the process.
To learn more about BancorpSouth Wealth Management services or to talk to a Wealth Manager today, call 662-680-2395.
© BancorpSouth 2018
