Preparation Pays: The Importance of Estate Planning
Whatever your age or financial situation, it’s never too early plan your estate. The sooner you decide how to distribute your assets, the better you can prepare for the probate process, changes in inheritance laws, and problems with your health. An estate planning lawyer can help you:
Care for Children
An estate plan allows you to make provision for your children if you die before they are capable of caring for themselves. In your estate plan, you can determine who will care for them and set aside money for them.
Deal with Disability
In the event that you become physically or mentally handicapped during life, you can leave instructions for your care in your estate plan. You can assign power of attorney, pick a primary caregiver or a nursing home, and determine what will happen to your assets while you are still alive.
When you die, and you don’t have a proper estate plan your estate will go through the probate process, a legal procedure used to resolve all claims against your property and transfer legal title to an heir. This can be a long and expensive process. To avoid this problem, you can place your property in a revocable living trust which will still give you full control of your property during your life. This will exempt the property from probate saving the heirs of your estate time and money.
Pass on your Values
Estate planning is not just about distributing your assets; it also allows you to pass on your beliefs and values. You can include conditions regarding how your money is to be distributed. If you value education, for example, you can will your money to your children or grandchildren but require them to use that money to pay for college.
Contact The Law Office of James-Phillip V.M. Anderson today to set your appointment with Attorney James P. Anderson to discuss planning your estate.
Please check out our BLOG for more information about estate planning.
-Revocable Living Trust Agreement
-Certificate of Trust
-General Power of Attorney
-Durable Power of Attorney
-Health Care Directive