Estate planning is simply a conversation with your attorney, to ensure that whatever you have been able to save during your lifetime is passed to the loved ones or organizations that you care about, in the way you prefer, at the time you prefer, and with the least tax consequences possible. It involves a comprehensive discussion of all your assets, which may include equity in your home, bank accounts, investment accounts, vehicles, personal property, or other property. Usually, the estate planning discussion culminates in a series of written documents, including either a Will or a Trust, and perhaps Powers of Attorneys or other documents.
It is important for everyone, no matter your age or wealth.Although people tend to think about it more as they get older, it is not just for retirees. For younger persons with children, estate planning will involve a discussion of who will take care of your little ones, and with what funds.
Although people who have accumulated wealth may think about estate planning to preserve their money, it is not just for the wealthy. Some people put off estate planning because they think they do not have enough assets, or that it will be costly, or they think they will have plenty of time to do it later on in life. Proper estate planning is impactful for families with modest assets because the loss of time and funds because of poor estate planning can be detrimental. Estate planning does not have to be expensive either. TheMcGinn Law Firm offers extremely competitive flat fee rates for document preparation. Why trust your entire life savings to a one size fits all document you downloaded from a random website?Doing your own estate planning to save money now can cost your family more money later and may have consequences that you did not intend. An experienced estate planning lawyer will be able to provide critical guidance and help ensure that your documents are prepared properly to meet your objectives.
Unfortunately, we cannot successfully predict how long we will live. Illnesses and tragedies happen to people of all ages. Then, when something happens to them, their families have to pick up the pieces. Therefore, estate planning is one of the most critical steps any person can take to make sure that their final property and health care wishes are honored after death, and that loved ones are provided for in their absence.By executing a comprehensive estate plan, you and your loved ones will enjoy peace of mind knowing there is a plan in place rather than worrying about the legalities of how to take care of you and your affairs in the event of death or incapacity. Planning your estate today ensures your tomorrow is exactly as you envision it, and that you can go on about your life with peace of mind.