Taking steps to plan your estate prior to your death will enable your assets and property to be distributed as you wish. It is possible to ensure that your assets are transferred to people and organizations that you care about through these sorts of plans. Moreover, estate plans can reduce taxes your family and estate will owe after your death. Even those who are not particularly wealthy should consider estate planning, but it can be a complicated process.
Risks of Not Creating an Estate Plan
Your state assumes control if you become incapacity or die. Should you become disabled, the court will appoint a conservator or guardian to care for you. If you die without an estate plan, your assets will be distributed according to the probate laws of your state. Various downsides are associated with these scenarios, including a lack of control over how assets are divided and who oversees your care. A court will take over the inheritance of your minor children if you have any. Should you and your spouse both die, your children would be guarded by a guardian. No matter how wealthy or old you are, estate planning is essential. It is important to make sure your loved ones are taken care of adequately when you die and to let them decide what should happen with your assets after you have passed on.
How to Find an Estate Planner
It is possible to find a qualified estate planner in a number of ways if you have decided not to handle estate planning alone. Financial advisors and estate planning attorneys are both useful in this process. In order to ensure that your estate planning decisions are made in accordance with your situation and that your assets are in order, it is ideal that your financial advisor and attorney work together. Everything from drafting a will and drafting a living trust to preparing power of attorney documents and minimizing estate taxes can be handled by a lawyer. Get estate planning help from 402-467-5080.
