What is an estate?
Everyone has an estate, including you! Any of your personal assets or possessions including bank accounts, life insurance, homes, cars, and investments are all considered to be an estate. An estate is all the money and property owned by a particular person. What happens to all these assets after passing all depends upon estate planning.
Estate planning is not just about planning for death and funeral expenses, it also includes planning for disability or incapacity. In an unfortunate circumstance that may render you unable to communicate in medical and estate decisions, a living will allows you to decide whether you want extraordinary life extending services if there was not a great likelihood of your recovery. Without you making this decision, family members would have the burden of deciding.
Why do I need to meet with an attorney?
Meeting with an attorney will help you to avoid several estate planning mistakes. When you fail to plan for your estate, your spouse, children, and grandchildren will have to go through a process called “probate” which can be long and distressing as a final will is decided by a Judge on your behalf. A common mistake many people make in regards to estate planning is not updating their plan as assets and family circumstances change.
It is a good idea to meet with an estate planning attorney every few years to update your plan. If you move to another state, someone passes away, or is born, you should change your plan. There could also be new legislation that you would otherwise be unaware of that may affect your estate plan. Leaving your plan the same for years can result in excess of taxes or probate court to determine inheritance to your loved ones if you unexpectedly pass away.
How can Sumsion Business Law help me?
Sumsion Business Law offers protection strategies for your estate. Some of these services include planning for future financial and medical decisions, living wills, trusts, planning and providing for guardians for minor children, and minimizing taxes owed on assets within your estate.
Estate planning services allow for greater control of businesses, property, and finances. These services also save time and money and help prevent loved ones from stressing about finances when you are gone. There are personalized plans that fulfill federal and state laws. Hiring an attorney to assist in estate planning is essential because minimizing taxes for your estate helps to keep more of what you have worked for and earned.
Without an estate plan, family members will be left to pick up the pieces. No matter your age or how much you own, now is the time to inquire about estate planning services, because the future is never certain. The best benefit of an estate plan is peace of mind for you, and your loved ones.