Having a will and planning your estate is important. Here we are going to consider why. Before we delve into that, let’s look at what estate planning is.
What is Estate Planning?
Estate planning has a lot of definition. You see, if you understand the concept behind estate planning, you would be able to create a definition yourself. Estate planning in simple terms is a plan done to ensure that one’s assets is well managed and distributed after death. An estate plan can also ensure that you are well taken care of should you become incapacitated
Who needs estate planning?
The word “estate” may make you believe that an estate plan is for the wealthy alone. But, an estate consists of all that you own, such as real estate, cars, cash, including other assets. That said, I you want your assets to be transferred to one or more surviving loved ones after you pass away, you should consider creating an estate plan. This essential set of legal documents can make it easier for your family to make sure that your wishes and needs are met if you become incapacitated.
It is never too early to create an estate plan
When it comes to estate planning, there is no such thing as “too early.” Provided you are eligible to make an estate plan, and you have a few assets you would love to transfer to certain individuals after your death, it is best you contact an estate planning attorney make a plan.
You can always update your estate plan if you acquired a new house, a car, business, or got divorced. An estate planning attorney can help you update your estate plan, so, there is no excuse as to why you shouldn’t make that plan early.
Estate planning often begins with a will
Before you think of contacting an estate planning lawyer and planning your estate, you need to think of the content of your will. Who will be named as beneficiaries in your will? If you aren’t sure of what a will is, you might want to ask “What is a will?”
What is a will?
No doubt, a will is one of the most important estate planning documents. It determine who gets your assets after your death. This document also consist of the names of your estate beneficiaries, including the assets you want to transfer to each of the beneficiaries.
Having understood what a will is, let’s consider its importance.
Importance of a will
The importance of a will is numerous. Aside from those mentioned above, a will can also help you designate guardians for your minor children (If you have any). In addition, with a will, you can select your personal representative also known as an estate executor or executrix.
The job of your estate executor is to handle everything regarding your estate, including the distribution of your possessions, paying your final bills, filling your final tax return, and shutting your accounts. If you fail to create a will, the government of your state will step in. I bet this is something you wouldn’t want. Thus, it makes sense to contact our office, schedule a free consultation and create a will.
Now, let’s delve into probate, and the importance of a probate plan.
What is probate?
Put simply, probate is a legal procedure your estate undergoes after you pass away. During the probate proceeding, a court will begin the process of sharing your estate to the right heirs.
Probate is always simpler if you own a will and/ or Living Trust that explicitly states your wishes. These documents help most by naming your beneficiaries and an executor. An executor is the individual charged with supervising your ultimate wishes.
If you have created an estate plan, you are smart. Creating a will or living trust makes a hard life-event just a little easier for your loved ones.
Importance of a probate plan
Probate is a complicated process designed to determine the authenticity of your will and settle your estate. To ensure that your estate doesn’t go through this process, it makes sense to have a probate plan. A probate plan (which involves planning to avoid this process) can include creating a living trust, and other setups designed to avoid this process. Failure to create a probate plan, will make things difficult for your loved ones, which we bet isn’t something you want.
Do you have any questions about how probateworks, or would like help with estate planning, please feel free to contact us to schedule a consultation. Our team of professionals are here to help.