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The Importance of Estate Planning: An Overview
What if you die before you get around to preparing your will? Maybe, you wanted to be an organ donor, but you never told anyone. Or, you wanted to be cremated and have your ashes scattered at sea, but no one knows.
You might assume your children will be taken care of with the money from your insurance policy, but what if much of that money is eaten up by estate taxes. Or, you might want to provide for your sister who is struggling financially and you intended that a family wedding ring be given to your daughter; but instead, your sister inherits nothing, and your ring is sold at an estate sale and the profits are divided between your children.
These examples may never happen to you, but they are all to common. No one likes to contemplate death, or the possibility of years of illness or disability. However, the thoughtful creation of estate planning documents while you can effectively express your desires regarding the distribution of assets, care of minor children, and health care wishes is absolutely the best way to control your future. It is important to draft these documents with the assistance of a knowledgeable attorney. These documents provide you control over end-of-life situations and determine how and to whom your assets will pass.
Wills & Trusts: The Backbone of a Plan for the Future
A will is a written or oral communication by a person stating how they want their property disposed of at death. A trust is a legal arrangement that allows one person to hold a legal interest or right for the benefit of another person. Wills, trusts and other estate planning documents are generally known in the law as estate planning instruments.
Wills and trusts, etc. are not just for the wealthy. These documents are important for anyone who wants to look after themselves, their children, and their property. Many different kinds of wills and trusts are available. An experienced wills and trusts attorney can help you create the specific combination of estate planning documents that are best for you and your family. These documents provide necessary guidance for many significant decisions including the following:
The actual wills and trust instruments you choose will depend upon the specific circumstances of your unique life situation.
Conclusion
Wills, trusts and other estate planning instruments allow you to take control of your future. Through the careful selection and creation of various estate planning documents you can choose how your own disability and death will be managed and you determine how your assets and the people you care for most will be treated when you are gone. The advice and assistance of an experienced Wills and Trusts attorney is essential to making sure that the measures you choose comply with your state's law and truly carry out your wishes.
For immediate assistance with any of your estate planning needs, call us toll-free at 1-405-691-2555