Estate planning is a process that involves many things and many people – including your family, important individuals, your assets, and your preferred charitable organizations. Estate planning can sound scary, but having a plan is the best way to be prepared for the unexpected.
Estate planning will help you to figure out what your assets are actually worth – and get all that information down on paper. The estate plan is to help with choosing who will inherit your assets, who will take care of important matters in your life, who will care for your children, as well as who is responsible for making decisions on your behalf.
Everyone needs estate planning, no matter if your estate is large, medium, or small. Every person should have a plan in writing so that if a situation arises that makes you unable to care for yourself or make decisions on your behalf with your input. If you don’t have a plan, a judge will be assigned to distribute your assets, and the judge will do this by following the laws of the state, also known as intestate succession.
There are different types of documents that go into estate planning, including both wills and trusts. There are also living trusts, that are different than traditional wills. If there is no will, your assets will be heading into probate, which is a court-supervised process for transferring your assets to your beneficiaries. If your estate goes through the probate process, the entire estate plan, including the value of your assets, will become public record.
If you want to make sure you have a plan on paper for your estate, give us a call, and let’s make an appointment to work on your plan together.