Important Questions Most People Have About Estate Planning
Estate planning is important and gives us the opportunity to decide who receives our assets when the time comes. By estate planning, you can ensure that your loved ones are taken care of after you pass away. Estate plans can use different types of documents to secure your assets after you pass. This may include a will, as well as a living will. A living will explains the type of medical care you want to receive should you become incapacitated. It may also help your family avoid having to make difficult end-of-life decisions without knowing your wishes, and it could save them money in future legal fees. You can also designate a financial power of attorney with an estate plan. This person can handle your finances if you become incapacitated. They can make transactions on your accounts, make business decisions, and financial decisions, based on what you elect to allow. Establishing a power of attorney is a good way to keep your finances stable, should something happen to you.
Why Do I Need an Estate Plan?
Establishing beneficiary designations can be done through an estate plan. They can explain who receives money from your retirement accounts and who gets money from your life insurance or other accounts you may have. Used with a revocable living trust, which is a trust you can change up until your death, the documents work to provide a strong plan for your family after your death.
Estate plans can be extra beneficial for people with more complicated finances. Those who have been married more than once, who own a business, want to give to charity, or have specific requests for their assets could benefit from a strong estate plan.
What Happens to My Assets After I Die if I Don’t Have an Estate Plan?
After someone dies, their estate enters probate, which is the court-supervised process in which the deceased’s assets are distributed to bill collectors, taxes, and inheritors when they don’t set up estate planning. While it’s court-supervised, the court usually won’t get too involved unless there is fighting among family over the estate or creditors have issues, though it can easily take several months and require legal fees
Can I Create an Plan on My Own?
Yes, but it’s not recommended. A self-made estate plan could leave out important details or be more easily contested in court. It may even be considered invalid right from the start. An experienced elder law attorney can help. They’re well-versed in which documents work for different situations and can help you understand the decisions for yourself and your family.
Contact an Estate Planning Lawyer
The estate planning and asset protection lawyers at The Mattar Firm have the experience needed to educate their clients on the ins and outs of estate planning. Our attorneys are here to listen to your needs and advise you about the paths available for your specific situation. Call us today at 844-444-4444.