With so many misconceptions about estate planning, it can be confusing to know exactly how estate planning works. These misconceptions can also keep you from starting an estate plan because the entire process may seem overwhelming. Paired with no one wanting to think about the end of their life, estate planning can be put on the back burner. We are here to help with a quick guide for how estate planning works and to help you be confident in your planning process.
It’s inevitable that we will all pass away and before then may have to deal with a loved one’s estate after their passing. Not having a plan can cause a lot of stress and chaos when the time comes for your loved ones to handle your affairs. If you have a plan in place and loved ones who are aware of your wishes, you can help make the process as stress free as possible for them as well as keeping your wealth in the right hands.
The main goals of estate planning are to plan for the allocation of your assets upon your death, planning for incapacity and emergencies, and making your healthcare wishes known. With the right estate plan, you will keep your family out of the probate process and have a smooth transition of your assets.
Here are some basic documents that should be included in your estate plan:
How estate planning works is that once you pass away, the documents in your estate plan will lay out a clear guideline for how you wished your assets to be disbursed. Many times having the right estate plan will help to avoid certain taxes as well, which will keep more of your money in your family. While the documents listed above are pretty common in most estate plans, your plan should be tailored to your life and your situation specifically. Make sure you are consulting with a professional in your state who can guide you through the process. Laws can vary by state and your situation may call for a more extensive plan, so finding the right estate planning attorney is key to making sure your plan is perfect for you and your family.
Need to start your estate plan or need help updating an existing one? Contact us and we will guide you through the process. We offer risk free consultations so we can assess your situation and provide the guidance you need.
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Disclaimer: This article is intended to serve as a general summary of the issues outlined therein. While this article may include general guidance, it is not intended as, nor is a substitute for, qualified legal advice. Your review or receipt of this article by Lexern Law Offices, Ltd. (the “LLG”) or any of its attorneys does not create an attorney-client relationship between you and the LLG. The opinions expressed in this article are those of the authors of the article and does not reflect the opinion of the LLG.