Anderson Estate Planning Lawyer Helping Clients Prepare For the Future
An estate plan is a comprehensive plan that outlines how you want to distribute your assets after your death, provide for your loved ones, and be cared for in the event you are incapacitated. You may think you’re too young to start this process, but the truth is that it’s never too early to start preparing an estate plan.
What is Included in Estate Planning?
Everyone has different needs, goals, and concerns, so no two estate plans are alike. But in general, an estate plan can include a number of different elements such as:
- Last Will and Testament: This document outlines how your assets should be distributed, and to whom, after your death.
- Revocable Living Trust: This document will establish a trust and appoint a trustee who is responsible for managing the assets held in the trust.
- Advance Medical Directive: Including this document in your estate plan allows you to determine who will make medical decisions for you in the event you are incapacitated.
- Financial Power of Attorney: This document will give a loved one the power to make financial decisions on your behalf in the event you are unable to make these decisions on your own.
- Appointed Guardian: Parents with minor children can appoint a guardian in their estate plan who will care for their children in the event of the parent’s death.
- Letter of Intent: Writing a letter of intent will notify the executor of your estate or a beneficiary of special requests you would like them to honor.
These are some of the many elements that are often included in estate plans. Your estate plan may include some or all of these elements, depending on your needs. If you would like to create an estate plan, it’s best to let an attorney determine which documents you will need to meet your goals.
Why is Estate Planning Important?
Estate planning is not just for the wealthy—it can benefit anyone. Preparing an estate plan allows you to take control of your estate even after your death. You will get to decide who receives your assets after you’re gone, so your loved ones won’t have to go to court to fight over who gets what.
Estate planning can also help parents plan for minor or disabled children. If you pass away without an estate plan, the court has the authority to decide who will take care of your children. You should get to make this decision—not the court. Make sure your children are cared for by someone you trust by appointing a guardian in your estate plan.
If you are ever incapacitated, an estate plan can help you retain control over your health and finances. Your estate plan can appoint someone to make medical and financial decisions for you if you are not in a state to make these decisions yourself.
Estate planning can also minimize the taxes that your beneficiaries will need to pay in order to take ownership of your assets. Taking the time to create an estate plan now could save your loved ones thousands of dollars in the future.
Why Do I Need to Hire An Estate Planning Attorney in Anderson?
It’s strongly recommended that you hire an estate planning attorney instead of attempting to make an estate plan on your own. Why? The laws that govern estate plans are complex. These laws regulate who is allowed to be included in estate plans, what assets can be transferred, how the assets are taxed, and more. You need an attorney to help you understand these laws—and how they will affect your estate—when making a plan.
Estate planning is never easy, but certain factors such as minor children, substantial assets, and business ownership can make it even more difficult. Planning an estate with one or more of these factors is nearly impossible for someone without legal experience. Make sure your estate plan covers everything and is legally valid by working with an experienced attorney. If you want to read more about why you should hire an estate planning attorney, check out our blog on the common mistakes to avoid with estate planning.
Speak to Our Estate Planning Attorneys in Anderson Today
Are you interested in creating an estate plan? If so, it’s in your best interest to contact the experienced estate planning attorneys at Beeman Heifner Benge P.A. as soon as possible. Our lawyers are passionate about helping clients prepare for their future and protect their loved ones with a comprehensive estate plan. To schedule your consultation, call (765) 234-8024 or submit your information using the form on this website.