We practice law in these areas:
WHAT IS AN ESTATE PLAN and WHY CREATE AN ESTATE PLAN?
Estate planning helps you manage your assets while you are alive and protects you and your family for the future. Without an Estate Plan you are leaving important decisions to a Probate Court or the State/County and/or Federal Government. Death isn’t a topic that many of us like to think about, however; if you have a spouse, children, grandchildren, or other loved ones that you want taken care of in the event of your death it is a topic that should be discussed.
In what condition do you want to leave your financial affairs? Do you want your desires known as to funeral arrangements, or even Health Care Directives should you be alive, but unable to make decisions. Have you considered tax consequences and how to reduce any tax burden on your beneficiaries? Where do you want family heirlooms to go?
A Good Estate Plan helps protect your assets and answers all of these questions and many more. It takes the uncertainty out of planning for your loved ones and provides for all considerations should you become incapacitated and need care for the remainder of your life, as well as in addresses your wishes upon your death. It also helps guide and aide your loved ones through the process of distributing your estate and following your wishes.
Avantages of A Will
- Distribution can be settled through the probate court;
- The probate process can reduce the time allowed for creditors to make claims against the estate;
Disadvantages of A Will
- Public knowledge through the recorders office;
- Probate can take from a few months to several years;
- Probate and legal fees can be expensive;
- Probate may need to be held in several states if you have property in other states;
Advantages of a Living Trust
- A living trust can be changed while you are alive and competent;
- Assets do not have to go through probate;
- Assets owned by the trust;
Let us help you formulate the plan best for your needs. At the very minimum you should have a will and health care directive.