What is Estate Planning and Why Should You Do It?
December 9, 2021

Estate planning is not just for the wealthy, and not just for later in life. A good estate plan does much more than direct the distribution of your property after your death. From providing medical directives, to naming someone to care for your minor children, to identifying a person to make legal and financial decisions for you if you are unable to do so – estate planning is critical to your peace of mind, at any stage of life.


What is estate planning? 


An estate plan conveys in writing what you want to happen to your property and assets after your death, and also identifies who can make legal, financial, and medical decisions for you if you are unable to do so.


If you don’t provide written directives for what you want to happen in the case of your incapacitation or death, the state’s laws will govern your estate. For example, Vermont's intestacy laws will determine who inherits your assets. A court can appoint a conservator to manage your decisions if you are unable to or can appoint a guardian for your minor children if needed. Intestacy laws are complex – do not assume that the results will be what you would have chosen. Furthermore, this can be a lengthy and expensive process for your heirs, and your assets will be frozen until it is completed.


In most cases, the main component of your estate plan will be your will. A will names an executor and directs how to distribute your property after your death. It can also identify a guardian for your minor children, should you pass away without a surviving spouse. Depending on the size and complexity of your estate, other strategies aimed at protecting your wealth or preserving your family’s wealth over the long term may also be appropriate. A comprehensive estate plan should also:


  • Ensure that all financial accounts with named beneficiaries (annuities, life insurance policies, IRAs, etc.) are up to date;
  • Explore ways to minimize the tax burden on you and your heirs;
  • Address your wishes with regard to charitable giving;
  • Identify a person(s) to make legal, financial, and/or medical decisions for you; and
  • State your wishes with regard to medical treatment.


Contact a Middlebury Estate Planning Lawyer Today


At Deppman Law, our highly-skilled and experienced estate planning team can help make this process manageable, and ensure that your estate plan is updated as your circumstances change. By taking the time to plan, you can protect your assets, your loved ones, and your peace of mind. Contact Benj and Lesley today for a confidential consultation about your case. 


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