Estate Planning Prepares You for the Future
Comprehensive estate planning is arguably one of the most important things you can do for yourself and your family. The subject may seem grim, but not only can a Will legally protect your spouse, children,
and assets, it can also spell out exactly how you would want things handled in the event of your passing.
This can provide comfort to your family during a difficult time, keeping them from trying to guess what
you would have wanted.
A well-rounded estate plan should have:
- Living Will (also referred to as an Advanced Health Care Directive or Health Care Power of Attorney)
- Durable Power of Attorney
It’s important to choose an attorney you trust to follow your wishes. That’s why ALL LAW, PLLC is the right firm to help guide you with estate planning for your future. Our legal experts will help you leave your family in good hands.
Why Have an Estate Plan?
You decide how your estate will be distributed: A Will is a legally-binding document that lets you determine how you would like your estate to be handled upon your death. If you pass without a Will, there is no guarantee that your intended desires will be carried out. Having a Will helps minimize any family fights about your estate that may arise, and also determines the “who, what, and when” of your estate.
You name someone who will take care of your minor children: Estate planning allows you to make an informed decision about who should take care of your minor children. Absent a Will, the court will take it upon itself to choose among family members or a state-appointed guardian. Having a Will allows you to appoint the person you want to raise your children.
Your trust is a legal way to hold and protect your assets: Creating a trust can sometimes be the best way to disperse whatever property or assets you want to handed-off to your loved ones. Once you choose a trustee, this person will hold the property for the benefit of your loved one.
Avoid a lengthy and often costly probate process: Contrary to popular belief, all estates must go through the probate process, with or without a Will. Having an estate plan, however, speeds up the probate process and informs the court how you’d like your estate divided. This can provide direction to your family after you are gone, preventing them from having to make difficult choices while grieving. If you pass away without a Will, the court will decide everything. This can cause long, unnecessary delays.
Minimize estate taxes: Estate planning also allows you to minimize your estate taxes. The value of what you give away to family members or charity will reduce the value of your estate when it’s time to pay estate taxes.
You decide who will wind up the affairs of your estate: Executors make sure all your affairs are in order, including paying off bills, canceling your credit cards, and notifying the bank and other business establishments. Since executors play the biggest role in the administration of your estate, you’ll want to be sure to appoint someone who is honest, trustworthy, and organized. Estate planning can allow you to determine that person in advance.
Because tomorrow is never promised: Procrastination and the unwillingness to accept death as part of life are common reasons for not having a Will. Sometimes the realization that estate planning is necessary comes too late–such as when an unexpected death or disability occurs. To avoid the added stress on families during an already emotional time, it is wise to meet with the expert estate planning lawyers at ALL LAW, PLLC before it is needed.
Get expert advice to protect your family and your life’s work after you are gone. The expert legal team at ALL LAW, PLLC is here to assist you in preparing everything you need. Schedule an appointment with ALL LAW, PLLC today and let us help you protect your family tomorrow, today.