No one likes to think about what might happen when they’re gone, but if you have family or assets, it’s imperative that you consider what will happen to both of these if and when you pass away. Estate planning is the process by which you and your loved ones determine what will happen to your assets, businesses, interests, and minor children (if applicable) when you die or become incapacitated. There are several ways you can create an effective estate plan, and with the help of an experienced estate planning attorney, you can achieve the financial security and peace of mind of knowing your assets and loved ones are protected.
What is an Estate Plan?
Your estate plan will document:
- How your assets will be managed during your life if you are unable to manage them yourself, due to illness or incapacitation
- When your assets will be distributed during your lifetime (if you so choose)
- How and to whom your assets will be distributed at the time of your death
- How your medical and health care will be managed if and when you are unable to make medical decisions for yourself
- Who should care for minor children if you pass away or are incapacitated
Creating your estate plan is a complex process, and an estate planning attorney will help guide you through the process and assist you in making the wisest and most financially beneficial decisions for you and your family. Some considerations prior to creating your estate plan include:
- An inventory of your assets and their value
- Beneficiaries or recipients of these assets
- The time at which you’d like beneficiaries to receive the assets
- The manager of your assets upon your death or if you are incapacitated
- The person or people responsible for minor children if you are unable to care for them yourself
- The person who should make your medical decisions if you are unable to
- What you would like done with your ashes or remains upon your death
Your estate planning attorney can help you document this important questions, as well as help you establish wills and trusts that can keep your assets protected and give you the best tax benefits. If you’re ready for the peace of mind that comes through estate planning, give us a call today.