Have you made plans for your estate after you die? Do you think estate planning is only something the rich or retired do? Each of these questions is something that everyone should address at any age. In fact, estate planning isn't a one-time thing, it's often done and then re-evaluated several times throughout your lifetime. While it's considered a must for wealthy clients, it's also extremely crucial for anyone in any income bracket. To understand the ins and outs of why it is important to do this, we have created an estate planning 101 guide.
The best answer to this question is everyone. Every person needs to have their estate planned to avoid confusion when they're gone. No matter how old you are or how little property you have, the fact of the matter is you have an estate. Everything from your car, house, furniture, and the money in your bank accounts is considered part of your estate. When someone dies without a plan for their estate, the court takes care of the disposal of your belongings and investments. The way your assets are divided among your loved ones will vary from state to state and may or may not be what you would have wanted if you had planned ahead of time. With an estate plan, you can dictate who gets what and when after you die.
Now that you understand how important it is to have an estate plan, you are probably wondering exactly what goes into estate planning. Estate planning starts with a will, living trust, or revocable living trust. These legal documents are important in planning your future but don't protect your assets, so the next step is to arrange for the disposal of your estate after your death.
Estate planning is important because it allows the client to create instructions and control how the estate is distributed after they are gone. Usually, this type of document is drawn up to avoid uncertainties over the administration of probate. Establishing an estate plan prior to death, disability or retirement can also increase the value of the estate by decreasing taxes and expenses.
After you have completed legal documents with an estate planning attorney, you should have covered the following topics.
Make an Appointment with Zapicchi & Liller
When you're ready to start planning for the future after your death, you should make an appointment withZapicchi & Liller. Not only will working with estate planning attorneys help you execute your wishes after you are gone, but it can also help to reduce taxes, court costs, and unnecessary legal fees that are often associated with probate cases. Protect your loved ones and get peace of mind when you start planning for your future and the future of your loved ones today.