Estate Planning

Estate Planning

Estate Planning


Proper Estate Planning provides you and your family with the peace of mind and security that comes with having a well executed estate plan for the unknown future including incapacitation or death. While many people associate estate planning with preparation for ones’ passing, the truth is that estate planning may also be incredibly valuable should you become temporarily or permanently incapacitated? The majority of people don’t pass away suddenly, but have some years of warning: such as an illness or accident (not immediate death) and may become unable to make competent decisions regarding one’s own care including the management of your assets, nor decisions for your children.

Why the need for an Estate Plan

Any person who owns property in his or her own name, upon death, will enable the state run probate court to decide and order the assets of their estate to be distributed in accordance with a valid Will. If there is no Will, the court will also interject itself by the laws of set forth by “Intestate Succession.” Welcome to the long and arduous world of “Probate.” If possible, you want to enable your survivors to forgo this Probate process, where complete strangers have the ultimate authority to rule over the distribution of your life’s accumulated assets. It is not hard for you to have the final word and the court system would have no say; nor would your death result in a publicly recorded ordeal as your parting legacy.

It is vitally important to learn, and fully comprehend that Probate can be costly, time consuming, and psychologically traumatic to those who might outlive you. For most families, a carefully drafted Living Revocable Trust can help an individual and their families avoid the unnecessary complications of Probate.

What Are the Advantages of Having an Estate Plan?

§  Provides the quickest, most efficient, and least costly way to transfer property to the people you want to receive it.

§  Saves on costly income and death taxes.

§  Precludes the need for probate, an expensive and prolonged court proceeding.

§  Provides emotional security for you and your family.

§  Allows you, rather than the state, to select your heirs and the amount of property to be distributed to each heir.

§  Allows you to provide most effectively for beneficiaries with disabilities and others whom you want to protect.

§  In the case of a second marriage, allows you to provide for your spouse and then your children.

Such an Estate Plan may include some or all of the following documents:

§  Will

§  Trust (Living “Revocable”)

§  Living Will

§  Advance health care directive

§  Durable power of attorney

 

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