While nobody wants to think about death or disability, establishing an estate plan is one of the most important steps you can take to protect yourself and your loved ones. Proper estate planning not only puts you in charge of your finances, it can also spare your loved ones the expense, delay and frustration associated with managing your affairs when you pass away or become disabled.
Estate planning is a way for you to manage your assets (money and property) during your life time and beyond your death or incapacity, particularly if you choose the many benefits of a living trust. To have an estate plan simply means that you have determined how to hold your assets, how they will be managed in a range of situations, and how they will be passed on to your loved ones. Without an estate plan, the distribution of your assets will be determined by state law when you pass, often at a premium since a probate case is typically required without the appropriate estate planning documents in place.
Why Is An Estate Plan Necessary?
- It is used to avoid the costly and time-consuming probate process, which is public in nature, requires statutory fees, and can take anywhere from six months to several years for your beneficiaries to receive their inheritance
- It enables you to decide who inherits from you and at what time in their lives
- Assists with planning for incapacity
- Allows you to plan for yourself and loved ones without giving up control of your assets
- Allows you to plan while taking into account current and future concerns for family members
- Allows you to accomplish your dreams and goals for yourself, your family, and your assets
- Keeps affairs private
- Prevents family conflict
- Gives you the ability to make decisions of who will assist you and your loved ones in the event of an unexpected accident, diminished capacity and eventual death
- Eases management of your financial and legal affairs during your incapacity and after your passing
- Gives you the peace of mind that the assets you worked so hard to acquire will be distributed in accordance with your wishes
You want to be prepared for the future and our Estate Planning services will ensure that you are. The McCall Law Firm will help provide you and your family with peace of mind by working with you to get your affairs in order. Whatever your legal needs may be, we will make sure that your wishes are accurately reflected.