If you think estate planning is only for the wealthy or elderly, think again.
When someone passes away without an estate plan, state laws take over, deciding who gets what and when - and that may not reflect your wishes.
Instead, you can take control through a personal estate plan.
You may think that a will is all you need.
But wills only take effect after death; they don’t help if you’re alive, but unable to make decisions.
For that, you may want a Power of Attorney and health care directive.
Finally, make sure you have beneficiaries named on assets like 401(k)s, IRAs and life insurance policies.
That way, these assets will transfer directly to those people regardless of what your will says.
An effective estate plan can prevent costly legal battles in probate court and give loved ones a clear roadmap to follow.
And it can help you feel confident, knowing that what matters most - your family, your purpose, your legacy - is protected.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson, and Hawes Dickerson. Members SIPC.
