Many don’t want to talk or even think about the days when we’re not around anymore. It’s scary and uncomfortable and we avoid topics that make us feel that way. It does not, however, make planning for that day any less important. Estate Planning is an incredibly crucial step in assuring your property, assets, and your health care needs are respected while your family and loved ones are taken care of according to your wishes.
Most people think Estate Planning applies only to the wealthy. Not true. No matter who you are you have an estate. An ‘estate’ is all real estate, life insurance policies, cars, jewelry, stocks, and even your bank account. Without proper planning, you may not have any control how a number of legal questions will be answered after you pass. Such as:
- What is the state of your financial affairs?
- Who is entitled to what aspects of your estate?
- What property did you own?
- Funeral arrangements.
- What happens to the custody of your children?
- How much taxes are involved?
No matter how old you are, no matter the size (big or small) of your estate, Estate Planning is necessary so you can:
- Prepare your funeral arrangements and how the costs will be covered.
- Utilizing Estate Planning devices like Payable-Upon-Death bank accounts and living trusts can greatly limit the amount of time and costs when it comes to dealing with the probate process.
- Identify the specific family members or others you with for your property to pass to, and do so with as few legal roadblocks as possible.
- Mitigate the tax expense due in order for your property to pass to others.
- Determine your medical care should you wish to have should you become incapable of voicing your wishes.
Knowing and understanding your Estate Planning options will likely be a complicated and difficult task. This is why Riverstone Law provides the resources and expertise to assist you in finding the right solutions for your Estate Planning process. Our experienced Estate Planning attorneys will go over all of your options to help you meet your needs and goals.