WHAT EXACTLY IS ESTATE PLANNING AND WHY DO I NEED ONE?
Powers of attorney, wills, trusts, and certain forms of guardianship all fall under the umbrella of estate planning. Everyone has an estate, it Is comprised of everything you own – real estate such as your home, vehicles, bank accounts, investments, insurance policies, retirement accounts, and personal possessions. Estate planning at its simplest form is planning in advance for the estate to determine whom you wish for certain things to be given.
This plan not only includes physical belongings and accounts but also seeks to ensure the least possible burden for your loved ones, by handling debts and creditors, minimizes taxes and costs, establish guardians for any minors in your care, and to provide for dependents.
CAN I PLAN MY OWN ESTATE?
Estate planning on your own is no simple task. While doing so without the help of an experienced attorney is certainly doable there are a host of regulations and standards you must adhere to. Estates need to follow these state laws and statutes in order to be valid. Thinking about death and planning ahead for it can be emotionally exhausting. The assistance and guidance of an attorney can help to avoid these pitfalls and mistakes both simple and large.
WHAT ARE THE RISKS OF HAVING NO ESTATE PLAN?
Sadly, if you do not plan ahead, the state you live in has a plan for you. Chances are, you and your descendants won’t like it. When you pass without an intentional designed estate plan the state of your residence is all to happy to step in, assigning portions of the estate as it sees fit. Often, this means that a spouse might not receive enough to live on, and minors and dependents will have their share of the inheritance governed by the courts.
I CAN ANSWER YOUR ESTATE PLANNING QUESTIONS
If you are considering ESTATE PLANNING, you probably have many questions: How long will it take? What will the process be like? How much will it cost? I am honest and straightforward in the answers I provide. I tell you what your options may be and how the best possible results can be achieved.
Because each situation is different, the best way to get answers to your questions is to talk to me directly. I offer free and confidential consultations.
To schedule a consultation regarding an ESTATE PLANNING matter, call me at 217-525-7003 or contact me online.