The importance of estate planning cannot be overemphasized. Without this plan, your loved ones will find it hard to access your assets. Dying intestate (without a will) means that your assets will be shared based on the intestate laws of your state, and I bet your wishes doesn’t conform to these laws.
Below we have explained what estate planning is and the importance of planning your estate.
Estate Planning Explained
Estate planning is definitely not as exciting as planning for a vacation in Bahamas or a picnic on one of those serene and beautiful landscapes. However, even if it is not cable of providing you with the instant gratification you so much desire, this lone plan can help secure your future and the future of those you care about.
Estate planning in a nutshell, is all about making preparations for the transfer of your assets after your death. It consist of plans designed to ensure that you have a say on who inherits your assets. This plan can also be beneficial in the event that you become incapacitated, seriously ill, or unable to communicate.
What are the importance of estate planning?
- Protects your assets for your family
An estate plan can help preserve the value of your assets, reduce wait times for disbursement, and help in making sure that the legacy you envisioned is executed.
- Gives you a say in who receives your assets
A will, which is an important component of an estate plan, allows you to designate individuals who will receive a portion of your assets. Thus, by creating a will, you should be able to name your assets, beneficiaries, including the name of your estate executor.
- Allows you to choose who will make your decisions
When you become incapacitated, you’ll need someone to make those important legal, financial, or healthcare decisions on your behalf. A power of attorney and a healthcare power of attorney are two documents that are designed for that purpose. A power of attorney allows you to choose someone who will make important legal and financial decisions on your behalf. While a healthcare power of attorney allows you to choose someone who will make important healthcare decisions on your behalf.
- Helps prevent probate
Estate planning also helps in avoiding the time-consuming, stressful, and expensive probate process. Probate, which is done to determine the authenticity of your will ( if you created one), estimating the value of your estate, paying off unpaid debts and distributing what is left to rightful beneficiaries ( whoever the court deems), can be a difficult process for your loved ones.
To avoid this process, you’ll have to set up a trust which is an important component of estate planning.
- Protects your property
Estate planning isn’t only designed to help you secure your wealth for your loved ones. It also helps you safeguard your existing assets. To plan your estate, you’ll need the help of a competent estate planning attorney. You and your lawyer then have to review every document of your wealth.
By so doing, you can be aware of any potential legal dispute or lawsuit. You can handle it at the moment or prepare to fight it well.
Need an estate planning attorney?
Due to the complexities that surrounds the estate planning process, you may need the services of an estate planning attorney. With the help of an estate planning attorney, you should be able to not only plan your estate but update the plan later in the future.
An estate planning attorney can also offer you and your family valuable advice that could end up being a lifesaver. In addition, he can help in setting up various important legal estate planning documents like a power of attorney, healthcare directives, a living trust, etc.
If you want to plan your estate, and you need the services of an experienced estate planning attorney, please, don’t hesitate to contact us. Also, if you need help with updating your estate plan, you can contact our office as well. We boast of competent estate planning attorney who can help in creating an estate plan that suits your needs