What Is Estate Planning?
To answer that question, one may look to a variety of sources. The financial Web
site investorwords.com describes "estate planning" as the preparation for the administration
and disposition of one's property after death or incapacity, utilizing a number
of legal documents to carry out one's estate planning goals, including a will, trusts,
gifts, powers of attorney, and so on. The American Bar Association offers a broader
description. According to the ABA, estate planning is "a process involving the counsel
of professional advisors who are familiar with your goals and concerns, your assets
and how they are owned, and your family structure. It can involve the services of
a variety of professionals, including your lawyer, accountant, financial planner,
life insurance advisor, banker and broker. Estate planning covers the transfer of
property at death as well as a variety of other personal matters and may or may
not involve tax planning."
At United Financial, we take a broad view of estate planning, similar to the one
expressed by the ABA. When we say that United Financial offers estate planning assistance services,
our use of the word "estate" in this context is broader than a reference to just
legal documents. Many estate planning issues may be addressed through legal documents.
At United Financial, we facilitate those matters by referring our customers to a
network of experienced independent attorneys who provide all legal advice and perform all necessary legal work.
However, several other estate planning issues may be suitably addressed with an
insurance product, not a legal document. Examples of this might include: using a final expense policy
or irrevocable funeral trust to pay for a funeral, a life insurance policy to pay
estate taxes or replace lost income, or an annuity to create lifetime income.
Our customers can rest assured that, whatever estate planning solution they need,
United Financial can provide an appropriate solution, or facilitate referral to
an experienced, licensed professional who can help. If there is anything religion,
science and history all agree upon and all teach us, it is that none of us know
when we will need our estate plan, but we will all need one someday. Do you want
to control who receives your assets after you die, or do you want to leave it to
a law passed by your state legislature that is, in many cases, decades or even centuries
old? If you answered the former, then you should look into completing an estate
plan.
This Web site is intended for general information purposes only. It does not nor is it intended to constitute legal, tax or investment advice. United Financial Systems, Corporation is not a lawyer, registered investment advisor or investment advisor representative, and is not engaged in the practice of law or the business of investment advice.