Did you know that creating an estate plan can give you the power to determine what happens with your estate after you pass, and offers protection for you and your family? Let us review five benefits to planning your estate with a knowledgeable attorney.
- You get to decide what happens to your assets. Whether you want to leave everything to your kids or make a donation to your favorite charity, there can be no guarantee that what you want will actually happen if it is not part of your estate plan. This can be especially true if there are people you want to exclude.
- You get to decide who is in charge. The will can be where you select who will take care of your minor children and you can decide who is in charge of managing your estate. These are two important roles, and the person the court picks, often a close relative, may not be your first, or second, or even, third choice. Without a will, these important jobs can be delegated according to who a judge thinks would be good at it, not you.
- You can avoid a lengthy probate process. Having an estate plan, whether that involves only a will or a trust and a will, can significantly speed up the probate process.
- You can keep your life private. A will becomes part of the public record. If your estate uses a trust as the primary estate planning document, then your wishes can remain private. If you value your privacy, you need an estate plan.
- You can minimize estate taxes. If you want as much of your estate to go to the people and organizations you choose, tax planning is important.
Our members are proud to help those in need of estate planning assistance. Contact one of our members today for more information.