We know that estate plans can often get put on the back-burner. Many of our clients come in and let us know they have been intending to prepare an estate plan for years.
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While it can be easy to delay, you should consider meeting with an estate planning attorney sooner than later.
- It protects your family. Estate planning is an act of love to your family. It helps prevent them from having disputes about your assets, your care if you are incapacitated, and your wishes. If you are married, it allows you and your spouse time to get on the same page regarding your wishes and priorities.
- It’s better to plan now, before an emergency situation arises. Situations change quickly. It is better to plan when you are in good health and sound state of mind, than if a crisis arises. If you are in a car accident, who will make your medical decisions on your behalf? If you have a Medical Power of Attorney, there will be no question as to your decision-maker.
- You can avoid significant taxes, attorney fees, and the chance of your hard-earned money going to the State, instead of loved ones. If you die without a proper estate plan, your family will need to go through probate. Probate can be extremely expensive and attorney fees add up quickly. If you don’t have family members, your money may end up going to the state, instead of where you would like it to go. Proper planning will allow for a smooth transition of assets, property, and can keep your assets from being used for high probate court costs and probate attorney fees.
- You can plan for your future. Now is the time to make decisions regarding your decision makers in the event of incapacity. You should think about who you want to handle medical and financial decisions, if you are unable. We help our clients think through their best options while drafting their Medical and Financial Powers of Attorney. These documents are essential to protect your interests in the event of a crisis or later in life.
- Your children need to be protected. If you have children, it is essential that you have an estate plan in place. When your children are minors, you will need to name guardians for your children to avoid family disputes or potential court-appointments. And if your children are 18 or over, you should have an estate plan so that they don’t inherit a lump sum of money. Your 18-year-old might think the best way to use your inheritance is to buy a fast car, however, you may want to put stipulations and staggered disbursements in place.
We help our clients determine what estate planning documents they need, depending on their stage in life and their assets. Young families with few assets may need few documents, however, it is essential that they are in place.
If you need help determining what documents you should have in place, contact us today.
Contact us today to help you get the right documents in place or to update your current estate plan. We will plan so that you don’t have to worry about your future.
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