Are you, or someone you know, wondering if now is the time to create an estate plan? Many people think that estate planning is something you do when you’re older, but if you own any assets, are married, or have children, it’s important that you have one in place to protect your property, as well as your family’s financial future and inheritance.
What’s Included in an Estate Plan?
An estate plan is much more than a will. It’s a collection of documents that outline where your belongings and investments will be transferred to, in addition to what your wishes are—should you be unable to make medical or financial decisions, due to an injury or illness.
Therefore, estate planning includes many different components, such as:
- Marital property agreements
- Wills
- Power of attorney for finances and health care
- Burial and funeral instructions
It’s important to remember that estate planning benefits everyone—and not just for monetary reasons, either. As we have all experienced from the last couple of years, our sense of normalcy can change in an instant. That means, though we try our best to prepare for the unexpected, we don’t have control over the future.
And though we cannot control the future, we can plan ahead in terms of how we would like to properly transfer any property and investments we own to our heirs in a cost-effective way.
What Happens If I Don’t Have An Estate Plan?
If you do not have an estate plan when you pass away, the laws of intestacy apply, meaning the estate will move forward under the state’s default probate laws.
This may or may not be in accordance with your desires on how your assets should to be distributed.
Estate planning requires an updated plan for all stages of life. Therefore, it is important to work with an attorney through the estate planning process to ensure your needs and interests are met. This also ensures that your documents are filed correctly to avoid any legal issues that may occur in your absence.
Find an Estate Attorney Near You
At Doar, Drill & Skow, our attorneys will work with you to understand your personal circumstances and goals in order to help you draft documents that accurately outline your estate plan objectives.
Because estate plans involve such complex matters, disputes can arise amongst relatives following your passing. The attorneys at Doar, Drill & Skow can assist you with setting up asset transfers, business succession planning, competency issues, including undue influence/duress and guardianships, estate planning, probate, trusts, trust management, and will contests. That means your wishes will be protected and followed through on, despite any disputes that may arise.
Additionally, our experienced attorney can make updating your plan easier, too. We can adjust your estate plan for a reasonable free, when the time comes, giving you peace of mind that your estate plan is updated correctly and efficiently.
To get started with drafting, or updating, your estate plan, contact us today!
DISCLAIMER: The Doar, Drill, and Skow blog is intended for general information purposes only and is not intended as legal or medical advice. References to laws are based on general legal practices and vary by location. Information reported may come from secondary news sources. We do handle these types of cases, but whether or not the individuals and/or loved ones involved in these types of situations choose to be represented by a law firm is a personal choice we respect. Should you find any of the information incorrect, we welcome you to contact us with corrections.