How an Estate Plan Can Benefit You
Estate planning is a crucial step to ensure that a person’s final wishes regarding property and care are granted. Though it is extremely important for every person, estate planning is something that is put off by many. It is true that you probably do not want to think about your final years or days, but it is necessary to make sure that your wishes are honored. From property and asset division to funeral arrangements, there is a lot to consider. A comprehensive estate plan as well as information on this website can help answer questions and prepare so that there are no surprises.
Many people think that estate planning is just for those who are older and/or wealthy. That is simply not the case, since estate planning is for anyone who has modest assets. Anything can happen at any age, and therefore it is important to plan. Estate planning gives you the choice to keep control of who gets what assets and when. This is especially crucial if you have children.
What is an Estate?
An estate is the total culmination of a person’s property that is owned by them at the time of their death. Estates are comprised of many different types of property and accounts. Any real estate, stocks, and bank accounts are part of your estate at the time of your death. Life insurance policies and automobiles are also included. If you have any personal items such as art, jewelry, and collectibles, these are also included in the total assessment of your estate.
What if You Do Not Have an Estate Plan?
If you do not have an estate plan, you are not alone. There are many people who do not have one. However, you probably will not like the alternative. Those who do not plan what happens to their estate after their death or disability leave it to the state to decide what happens to their property and possessions. This is when probate law comes into play. If you die without an estate plan, your state’s probates laws determine how your assets are distributed. Your family will not have a say as to how your estate will be used. If you become disabled, the court controls how your assets are used to pay for your care.
What Can an Estate Plan Do?
A properly-planned estate plan can benefit you in the event of your death or the need for life-prolonging care. An estate plan can also ensure that your possessions are transferred according to your wishes and your desired funeral plans are carried out. If you need medical care, an estate plan dictates the care you wish you receive. It does not matter if your estate is big or small. An estate plan can greatly relieve some of your concerns about how your possessions are distributed after your death. A qualified estate planning attorney can assist you in planning your estate from scratch or from an existing will.