Why is planning for your estate a good idea? The answer is simple.
1. Everyone has assets that has some kind of value;
2. Sooner or later, everyone passes away;
3. Everyone would prefer that their family, friends, charities, or organizations of their choosing, get the most money and property with the least amount of hassle; and
4. Save money by minimize the amount of probate fees and time commitment it would take to go through probate during a time where your loved ones should be grieving.
Your estate is made up of everything you own— your home, other real estate, bank accounts, investment/retirement accounts, automobiles, life insurance, furniture, and personal possessions such as jewelry, silverware, or your dishes. Whether it is worth a Million Dollars or a Dollar, not planning correctly can have a costly consequence.
Estate Planning is important for everybody to do, whether you are just starting out and do not think you have a lot to will to anybody or whether you have millions of dollars with ledgers full of assets. There is value in what you own, and planning correctly will give you peace of mind knowing that what you have will be given to the people you want to get it after you pass away. Additionally, you want to determine who in your family receives an inheritance from and when, versus letting the State’s Laws determine who inherits.
Estate planning can involve more than what you want to happen with your estate after you pass away. There are important decisions and documents that can be drafted by your lawyer that designate somebody to make financial and health care decisions for you, instead of depending on a guardianship process through the Court in which the Judge decides who can make those decisions for you. It is imperative that you make those decisions in writing now while you have capacity, instead of waiting for an injury or illness to incapacitate you.
Schedule your 30 Minute Free Consultation Today with Attorney Michelle, to determine your needs!
Some of the basic documents that everyone should have include:
Revocable Trust (if needed)
Last Will and Testament
Durable Power of Attorney
Health Care Surrogate