Too many people think that estate planning is something that only the wealthy need to concern themselves with. However, this couldn’t be further from the truth. Estate planning is for everyone, regardless of how much money you have. An estate planning lawyer can help you create a plan that will ensure your wishes are carried out after you die and can help minimize inheritance taxes and probate fees.
What is an Estate Plan? go to this site Estate planning
An estate plan is simply a set of instructions for what you want to happen to your assets after you die. It can be as simple as naming a beneficiary on your life insurance policy or as complex as creating a trust.
Why Do I Need an Estate Plan?
An estate plan is important because it gives you control over what happens to your assets after you die. Without an estate plan, your assets will be subject to probate, which can be a long and costly process. Probate is the legal process for distributing your assets after you die. It can be very expensive, costing upwards of 5% of your total assets. In addition, probate can take a long time, sometimes taking over a year to complete.
An estate planning lawyer can help you create a plan that will minimize probate costs and help ensure that your wishes are carried out after you die.
What Should I Include in My Estate Plan?
The best way to find out what should be included in your estate plan is to contact an experienced estate planning lawyer. They will be able to help you figure out what will work best for your individual situation. However, there are some things that are typically included in most estate plans, such as:
-A will: A will is a legal document that sets out how you want your assets to be distributed after you die. It can also appoint a guardian for minor children and pets.
-A trust: A trust is a legal entity that allows you to hold assets for the benefit of another person. Trusts can be used for many different purposes, such as avoiding probate or minimizing inheritance taxes.
-A power of attorney: A power of attorney allows you to appoint someone else to make financial decisions on your behalf if you become incapacitated.
-A healthcare directive: A healthcare directive sets out your wishes for end-of-life care if you become unable to make those decisions yourself.
Estate planning is something that everyone needs, regardless of how much money they have. An experienced estate planning lawyer can help you create a plan that will minimize probate costs and ensure that your wishes are carried out after you die. Contact an estate planning lawyer today to get started on creating your own personalized estate plan.