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Estate Planning with Kyle Wynn & Associates
Organizing your affairs in preparation for the end of your life is an important task, and estate planning is an ongoing process that includes much more than writing a will. This type of planning helps determine who can make decisions on your behalf, who takes care of your dependents, and how to avoid unnecessary taxes and waiting periods.

Estate planning covers any decisions regarding money, property, medical care, dependent care, and other matters that can arise when a person dies.

The biggest benefit of estate planning is peace of mind—you’ll know your wishes will be fulfilled for the benefit of your loved ones. At the very least, everyone should have a simple estate plan in place. 

Why Everyone Needs an Estate Plan

The biggest benefit of estate planning is peace of mind—knowing your wishes will be fulfilled for the benefit of your loved ones. Without an estate plan, the government will decide the fate of your assets, which may not align with your wishes. Establishing your health care and financial preferences now can save your family a lot of time, money, and emotional stress later.

Key Elements of Estate Planning

Wills
A will, formally called a “last will and testament,” is a legal document stating how you want your executor to distribute your assets when you die. Dying without a will means state law will dictate what happens with your estate, leading to potential delays and increased costs. Having a will ensures your wishes are honored and can streamline the probate process.

Trusts
A trust is a legal contract that allows another person (the “trustee”) to hold property for you (the “grantor”) for the benefit of your beneficiaries. Trusts can help manage property for minor children and expedite the distribution of assets, avoiding lengthy probate processes.

Types of Trusts
  • Living Trust: Holds property during your lifetime and after your death.
  • Testamentary Trust: Created by a will and effective after death.
  • Revocable Trust: Can be modified or revoked by the grantor.
  • Irrevocable Trust: Cannot be changed after it's established.
Power of Attorney
Power of attorney (POA) gives someone else the authority to make legal, financial, or medical decisions on your behalf.

Types of POA
  • Durable POA: Remains in effect if you become incapacitated.
  • Limited POA: Grants authority for specific tasks or time periods.
  • Financial POA: Manages financial affairs.
Health Care Directives
Health care directives ensure your medical wishes are respected if you cannot advocate for yourself.
  • Living Wills: State your preferences for medical treatment and end-of-life care.
  • Health Care Proxies: Appoint someone to make medical decisions on your behalf.
  • Advance Directives: General term for documents related to future medical decision-making, including HIPAA authorizations.
Start Planning with Kyle Wynn & Associates Today

No matter how old you are or how much property you have, you should have an estate plan in place.

If something happens to you without an estate plan in place, the government will decide the fate of your money and your belongings, and their decisions may not align with your wishes. Also, your end-of-life wishes may not be carried out. Establishing your health care and financial wishes could save your family a lot of time, money, and emotional stress.

While you might only need a simple will in your 30s, your estate plan should be updated as you age, get married or divorced, and have children.

At Kyle Wynn & Associates, we are here to guide you through every step of the estate planning process. Our experienced team will help you understand your options and ensure your wishes are honored. Contact us today to schedule a consultation and secure peace of mind for you and your loved ones.
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