Bob Bennie Wealth Management of Lincoln, Nebraska, is a member of the Lincoln Independent Business Association. One of the financial planning services provided by Bob Bennie Wealth Management is estate planning.
More than 50 percent of Americans have done no estate planning, which is a big problem. Estate planning allows people to have control over the administration of their assets in the event of death or incapacitation. Estate planning also ensures that an estate does not go through the costly, time-consuming probate process.
Developing a comprehensive estate plan can take several paths. A popular path is combining a will and a power of attorney. A power of attorney grants a personal agent authority to act on behalf of the estate owner in the event he or she is incapacitated. Another popular method, especially among business owners, is a living trust, in which owners can appoint a successor trustee while remaining in control of the trust assets.
Every person should prepare an estate plan. A financial planner can help with the creation of this important document.
