ABC’s of Estate Planning

For parents, the first day of school may seem a little like New Year’s Day—a time for new

beginnings, filled with great anticipation for what the school year will bring. And, just like we do

at the start of a new calendar year, we find ourselves making resolutions, putting in place those

things that will keep us healthy, happy, and organized during the busyness of the school season.

I have one thing to add to your organizational list: estate planning. With kids back in school and

our focus clearly on family, now is an excellent time of year to organize your estate. While each

plan and its priorities are unique to each individual, all estate plans need to start by covering

these three essential areas: Assets, Beneficiaries, and Care—the ABC’s of estate planning.

Assets

Everything you have accumulated in your life—from property to bank accounts to

heirlooms—are an asset and even if you don’t think what you have is substantial, you need to

create a will or trust to ensure how they will be managed and/or distributed upon your death. The

will or trust is at the very foundation of all estate plans and should be reviewed with your

attorney on a regular basis, especially after significant life events such as a divorce, birth of a

child or death of a parent.

Beneficiaries

A beneficiary is someone who will inherit assets from you, regardless of whether the asset has a

beneficiary designation on it or not (i.e., 401(k) plans). If you do not name a beneficiary, the

court will decide how those funds will be distributed. Choosing beneficiaries is a very personal

decision, and there are some rules and options for transferring assets to specific people in your

life (i.e., minor children, charities) that your attorney can help you navigate.

Care

There are two areas of care that need to be addressed in every estate plan:

1. Designate a healthcare power of attorney, usually a close and trusted family member, who

will be responsible for making healthcare decisions on your behalf in the event of incapacity.

2. Choose a guardian for your minor children, preferably someone who shares your values, is

financially stable, and is willing to take on the responsibility of raising children.

Life, like a school year, is unpredictable and planning for that unpredictability is one of the best

ways you can show your family just how much you love them. Use the ABC’s above as

foundational building blocks to creating an estate plan that will give you peace of mind.

-The Law Offices of Cindy K. Campbell, 866-566-9494, CKCampbell.com, Cindy@ckcampbell.com

*Legal Disclaimer

The is general educational information to increase overall awareness. It is not intended to be legal advice or service, and should not be used in place of consultation with an appropriate professional. The information contained should not be considered exhaustive and the user should seek the advice of appropriate professionals.