What is Estate Planning?
An inclusive estate plan can solve numerous legal issues that may arise when some passes. Some of the legal concerns that can be resolved in estate planning are:
- Financial Affairs
- Real and Personal Property
- What property will be left to family and loved ones
- If you have minor children, appointing a guardian
- Payment of taxes in order to transfer ownership of property
- Appropriate funeral arrangements
What is an “Estate”?
An “estate” encompasses all the property one owns at the time of their death, including:
- Real estate
- Bank accounts
- Personal property like as vehicles and jewelry
- Stocks and other securities and life insurance policies
No matter a person’s age or the size/complexity of their estate, the estate plan can accomplish in a number of things:
- Identifying family members and loved ones that you want to leave property to.
- Ensuring that property will be transferred quickly and with little legal hurdles to the individuals you have identified.
- Minimizing the taxes that will have to be paid for the property to be transferred after your death.
- Avoiding costs and time that is associated with the probate process through using estate planning devices such as “payable on death” bank accounts or a living trust.
- Establish what kind of life-prolonging medical care you would prefer to receive in the event you are unable to make your wishes known.
- Dictate what funeral arrangements you want and how you would like to pay for such arrangements.
Getting Legal Help With Your Estate Plan
Understanding your options and deciding what estate plan choices are best for you can be complex process. Working with an attorney who is experienced in estate planning can be a great asset in helping with the process.
Whether you need to create an estate plan from scratch or revise an existing will, an attorney who is experienced in estate planning can explain available options that will help fulfill your estate planning goals and the needs of your family and loved ones.