Tag Archives: estate planning attorney

Mistakes to Avoid in Estate Planning

When creating an estate plan it is important to ensure that you are incorporating all the features in the correct way.  This is the main reason that you always hire a professional estate planning attorney to assist.  There are several common mistakes that can be made when preparing an estate plan.  In this installment on estate planning we will discuss the most common mistakes in estate planning to help you avoid making them.

The number one mistake that is made when drawing up an estate plan is not appointing a guardian for your children.  You must appoint a clear cut guardian for your children, in writing, to avoid problems at a later date.  Children under eighteen years of age need to be cared for by a guardian.  When you take the time to talk with individuals in your life about this responsibility and make it official by stating your desired wishes in your estate plan it will be easier to ensure the children will be properly cared for until they are eighteen.  Otherwise, like everything else, guardianship of your children will be determined in probate by the court.

Another common mistake in estate planning is to think that once you have a plan in place that it will forever be current and doesn’t need updating.  Your estate plan must be updated regularly when changes occur.  The birth of a child, grandchild, purchase of estate, and new investments are all changes that will require your estate plan to need updating.  It is in your best interest to get in the routine of updating your estate plan every three years if not more often.  If a fall out occurs within the family but your estate plan was already erected the individuals still have legal rights to your estate.  It is crucial to keep your estate plan up to date and file with an attorney specializing in estate plans and probate law.

Another common issue that is overlooked is inheritance tax.  When you are giving something to someone it is crucial that you account for the taxes that they will be incurring.  There are ways to minimize tax liability to the recipient.  If there a large state of liability, you have to be sure that you are dividing up the tax liability among different individuals.  Doing so makes it easier to account for tax liability and do your best to minimize it.

Proper estate planning should be done in conjunction with an attorney specializing in probate law and estate planning to avoid future issues involved.  An estate plan should ensure that this transition in your life is predictable and non problematic for your heir’s.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols call 734.386.0224 today.

Finding an Attorney Specializing in Estate Planning

In order to create a proper estate plan you need to have an understanding of not only your investments but also your personal possessions.  It is also crucial that you are aware of and working with an attorney knowledgeable of the local laws and regulations.   The entire process can seem quite overwhelming if you don’t have the right professionals working with you to create a flawless estate plan to help ensure your estate avoids probate upon your passing.

A qualified estate planning attorney is best equipped to help you through this complex spider web of organizing your assets and creating a solid plan of action in the event of your untimely passing.  It is important to recognize that there is a difference between the types of attorneys that can help you create an estate plan verse one that can get you out of a criminal charge, divorce, or other such legal matters.

In order to create a flawless estate plan it is important that you work directly with an attorney that specializes in estate planning and a variety of issues that come along with aging such as elder law, probate law, wills and trusts, and more.  In this installment on estate planning we will share with you three tips to help you in finding and utilizing an attorney specializing in creating estate plans.

  • Ask your family and friends for references to attorneys that they may have previously used to create their estate plans.  Working with an attorney in estate planning that you already have a remote connection to can generally start the process in the right direction.  The process of creating a plan for the transfer of your estate can be complex and complicated.  Working with a proven trust worthy attorney from the state can help.
  • Get professional references from your financial advisor. They have inside information when it comes to working with area attorneys.  Your financial advisor is incredibly familiar with your financial assets.  They have worked in conjunction with many area attorneys and can guide you to a reputable estate planning attorney from the start. It is beneficial that your attorney and financial advisor have a working relationship as well to ease future transactions with the estate.
  • Take time to spend researching the internet for not only estate planning attorney reviews but also information that is up to date on estate planning. The more you know about estate planning ahead of time the more prepared you will be.  Finding a local estate planning attorney is in your best interest as they will know the ins and outs of the estate regulations in your area.  The internet is a great source to get additional information to help make an educated decision.

As you start looking for an estate planning attorney remember to check for solid references from family, friends and trusted professionals.  To follow up recommendations and to gain more understanding of the process head to the internet for additional research.

Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com.  To contact the offices of Sean J Nichols call 734.386.0224 today.

Using Probate Law and the Steps To Follow

Estate planning is the process of anticipating and arranging, during a person’s life, for the management and disposal of that person’s estate during the person’s life and at and after death, while minimizing gift, estate, generation skipping transfer, and income tax.

Believe it or not, you have an estate. In fact, nearly everyone does. Your estate is comprised of everything you own – your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions. No matter how large or how modest, everyone has an estate and something in common – you can’t take it with you when you die but still you need estate planning and probate law.

An estate planning attorney helps and guides you in choosing the correct options for maintaining your estate after death or in case of incapacity. An experienced attorney seeks to fully understand your desires and goals regarding the maintenance of your estate and other property and suggests ways to achieve those wishes. Estate planning lawyers help people write instructions for the future handling of their property, finances, healthcare, and the future support and care of their loved ones.

When it comes to providing for your family’s financial future, estate planning/ Probate law is the most important step you can take to ensure your assets and their legal rights are protected.  Having a proper estate plan in place guarantees your assets will be properly divided and won’t fall into the hands of the court.

Probate law is the legal process whereby a will is proved in a court and accepted as a valid public document that is the true last testament of the deceased

The very first step in the granting of a probate is the legal process of properly overseeing the estate of a deceased person. It involves resolving all the claims and then distributing the property under the will of the property holder. But there is another scenario and that is if the person who passed away had any partnership or there was a co-owner of the business or property then there is no need for probate laws as the property will automatically and legally be owned by the co-owner for example if the deceased person owned bank accounts or property jointly with another person, the co-owner will now be the complete owner of these accounts.

When is probate law needed?

Probate may be needed in the following cases:

  • For transferring the title to the decedent’s assets (assets like bank accounts, real property, stock etc.)
  • For collecting debts owed to the deceased
  • For settling a dispute among all the people claiming to be the owners of the deceased’s property
  • Solving disputes about the validity of the deceased’s will

So one should definitely go for estate planning/Probate law services which are particularly focused on providing advice and direction on techniques and approaches for avoiding probate and related expenses, and the care of individuals who cannot care for themselves, whatever their age.

The Law Office of Sean J. Nichols is dedicated to assisting clients throughout legal issues that come with aging including: elder law, estate planning, probate law and more.  Check out the Law Office of Sean J. Nichols at http://www.seanjnichols.com to contact an estate attorney today.

Key Reasons Why To Have an Estate Plan

Estate planning is the act of securing your assets before you die. Obviously you cannot take anything along with you after your death but what you can do is make sure your property falls into the right and true deserving hands instead of falling under the court.

You don’t have to be very rich for estate planning/ Probate law, don’t think that you will need a lot of assets and a lot of property for that. Believe it or not everyone has assets thought it is a car, a house, electronic devices, clothes that you wear and even a person himself is an asset. Without a plan in place, there could be a lifelong impact on your adored ones, even if you don’t have an expensive home, large investment account or valuable art to pass on. So what is needed is a proper estate planning and probate law.

The drive of estate planning is to formulate the transfer of your assets to your loved and dear ones upon your death. Estate planning allows you to specify where and in which hands each of your assets will go after you are dead. This involves determining who the receivers will be, what each will get, and how to complete those transfers with the minimum tax penalties, while making sure that the estate has enough liquidity to meet its commitments.

For estate planning and probate law you will have to have an estate planning attorney who has knowledge and experience to council you and your family on asset preservation plans which are appropriate for your circumstances and who can also guide you about trusts, will, powers of attorneys, and living wills.

An estate plan includes more than wills and trusts, it also relies on careful and professional advice that is personalized to your condition. While wills and trusts are invaluable, a inclusive estate plan should also incorporate a power of attorney and advance directive. These documents provide necessary protection in the event of an unexpected accident or illness.

A probate law is a process that is supervised by the court for the purpose of admitting the client’s will, appointing an executer and supervising the estate. The assets of the decedent’s are collected, creditors if any are paid and then the remaining assets are distributed among the descendants according to the terms of the will of the deceased. In other  words Probate is basically a process whereby a court reviews a will to make sure that it is genuine, and allows others to make legal challenges to the will.

Consider these four reasons why you should have an estate plan, in order to avoid possible shattering consequences.

  • For preventing your assets from ending up in the hands of the court or unintended beneficiaries
  • For protecting families with young children
  • For stopping heirs from overpaying in taxes
  • For eliminating family messes when you are gone and will never be with them again to sort things out for them

The Law Office of Sean J. Nichols is dedicated to assisting clients throughout legal issues that come with aging including: elder law, estate planning, probate law and more.  Check out the Law Office of Sean J. Nichols at http://www.seanjnichols.com to contact an estate attorney today.

Should Yоu Crеаtе an Eѕtаtе Plаn?

The rеаѕоnѕ for needing an еѕtаtе рlаn are as vаriеd аѕ thе individuаlѕ invоlvеd and, it ѕееmѕ, thе many myths ѕurrоunding the subject do quitе a bit of harm. Fоr еxаmрlе, dо уоu have to be “rich” in оrdеr to need аn estate рlаn? Thе answer is, “Nо”, оnе dоеѕ not need tо be riсh tо nееd аn еѕtаtе рlаn. All уоu nееd iѕ thе dеѕirе tо pass оn tо уоur heirs thе greatest аmоunt оf thе wealth роѕѕiblе that you have preserved during your lifеtimе.

Among thе mаjоr benefits оf a well-drafted еѕtаtе рlаn аrе minimizing thе еxреnѕе оf раѕѕing уоur estate tо beneficiaries, dесrеаѕing thе аdminiѕtrаtivе соmрlеxitiеѕ аnd еnѕuring to thе еxtеnt роѕѕiblе thаt уоur diѕtributiоn wiѕhеѕ аrе fоllоwеd.

Fоr example, if you own a home, hаvе minоr children оr grаndсhildrеn, grоwn сhildrеn in thеir оwn mаrriаgеѕ, hаvе bееn divorced, оwn a business, оr expect tо rесеivе аn inhеritаnсе оf уоur оwn, уоu need tо ѕеriоuѕlу соnѕidеr thе benefits оf properly рlаnning уоur еѕtаtе. Inѕtеаd оf раѕѕing рrоblеmѕ on tо уоur hеirѕ, уоu саn instead elect tо pass on the greatest аmоunt of wеаlth with the lеаѕt аmоunt of рrоblеmѕ thrоugh estate рlаnning.

The largest hurdlе, оftеntimеѕ, is building a lаѕting rеlаtiоnѕhiр with аn attorney whо ѕресiаlizеѕ in estate planning. Going thrоugh thе Yellow Pages, or asking friеndѕ for rеfеrrаlѕ or uѕing thе internet is оftеn a hарhаzаrd рrосеѕѕ without muсh guаrаntее оf ѕuссеѕѕ.

Compelling Reasons tо Build аn Eѕtаtе Plаn 

Amоng thе common mоtivаtiоnѕ thаt соmреl creation оf аn estate plan аrе thе following. Thе more the fоllоwing rеаѕоnѕ apply to аnу ѕituаtiоn, thе grеаtеr iѕ thе need to соmрlеtе еѕtаtе planning to nоt оnlу build аnd рrоtесt your hard-earned wealth but, аlѕо, tо trаnѕfеr уоur wеаlth with аѕ littlе depletion аnd еxреnѕе аѕ роѕѕiblе. With a рrореr еѕtаtе рlаn in рlасе, уоu саn рlаn аhеаd to:

  1. Designating whо will mаnаgе your аffаirѕ if уоu bесоmе disabled аnd whеn уоu раѕѕ away. If you fаil tо dо ѕо, a court will dесidе fоr you nоt оnlу whо rесеivеѕ уоur wealth but who will make the diѕtributiоnѕ. You never knоw who thе court will appoint. Keep control оf уоur оwn dеѕtinу!
  2. Planning for Mеdiсаid аnd itѕ imрасt on уоur estate if you muѕt gо into a nursing hоmе. Nurѕing homes today саn cost as muсh аѕ $75,000 реr уеаr, оr mоrе, аnd a lоng term ѕtау саn еаѕilу imроvеriѕh аll but thе wealthiest fаmiliеѕ. With рrореr рlаnning, hоwеvеr, уоu can shelter аѕѕеtѕ аnd kеер уоur fаmilу’ѕ wеаlth intact. Bесаuѕе there iѕ a 50-50 сhаnсе thаt thе аvеrаgе adult will spend at least one уеаr in a long term care fасilitу, it bесоmеѕ painfully clear thiѕ tуре of рlаnning iѕ extremely imроrtаnt.
  3. Avоiding рrоbаtе, during уоur lifetime and whеn уоu раѕѕ аwау. Dо you wаnt thе соurt соntrоlling уоu or your аѕѕеtѕ? Probate рrосееdingѕ аrе рubliс, еxреnѕivе, аnd timе-соnѕuming аnd should bе avoided whеnеvеr роѕѕiblе. Leave уоur mоnеу to your hеirѕ quickly, рrivаtеlу аnd еffiсiеntlу by еѕtаbliѕhing a рrореr еѕtаtе рlаn.
  4. Prоtесting сhildrеn frоm a рriоr marriage if уоu раѕѕ away first. Sесоnd mаrriаgе рlаnning саn bе complex аnd tricky. Expert legal guidаnсе iѕ nееdеd tо еnѕurе уоur assets аrе рrеѕеrvеd and your сhildrеn оf уоur first mаrriаgе will rесеivе thе рrореr ѕhаrе of thеir inhеritаnсе.
  5. Prоtесting assets inhеritеd bу your hеirѕ frоm lаwѕuitѕ, divоrсеѕ аnd оthеr claims. Mаkе ѕurе уоur аѕѕеtѕ are inhеritеd bу уоur loved оnеѕ, nоt thе реорlе уоu dоn’t wаnt tо rесеivе thеm, such аѕ their еx-ѕроuѕеѕ, in-lаwѕ, сrеditоrѕ or thе IRS.
  6. Imроѕing diѕсiрlinе uроn сhildrеn оr grаndсhildrеn whо mау not be capable or еxреriеnсеd in mаnаging wеаlth. Mаkе sure your children оr grandchildren ѕреnd their inhеritаnсе wiѕеlу аnd рrоtесt thеir inhеritаnсе аgаinѕt inеxреriеnсе and mismanagement by including specific соnditiоnѕ аnd rеwаrdѕ in уоur estate рlаn.

If уоur wealth оr diѕроѕitiоn dеѕirеѕ fаll intо any оnе оf thе аbоvе grоuрѕ, you ѕhоuld соntасt аn еѕtаtе рlаnning attorney in your аrеа. Many times, wаiting tо make a decision аbоut distributing уоur wеаlth or dесiding whо can mаkе decisions for уоu in саѕе оf dеаth or inсарасitу will rеѕult in уоur dreams fоr уоur children and grаndсhildrеn, оr уоur favorite сhаritу, nеvеr, еvеr, bеing rеаlizеd. Thuѕ, tаrrуing in creating аn еѕtаtе рlаn can саuѕе extreme соnfuѕiоn, turmоil and еxреnѕе fоr your heirs that can еаѕilу bе avoided bу соntасting a highlу ԛuаlifiеd, trained аnd tеѕtеd еѕtаtе planning ѕресiаliѕt in your locale.

The Law Office of Sean J. Nichols is dedicated to assisting clients throughout legal issues that come with aging including: elder law, estate planning, probate law and more.  Check out the Law Office of Sean J. Nichols at http://www.seanjnichols.com to contact an estate attorney today.

Plan For Your Life & Death With Estate Planning

Estate planning is the process of anticipating and arranging, during a person’s life, for the management and disposal of that person’s estate.  This is put in place to provide during the person’s life and at death for their loved ones.  This is done in order to minimize gift, estate, generation skipping transfer, and income tax.

Believe it or not, you have an estate. In fact, nearly everyone does. Your estate is comprised of everything you own including your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions. No matter how large or how modest, everyone has an estate and something in common in that you can’t take it with you when you die.

An estate planning attorney is a type of lawyer who advises clients on getting their affairs in order to prepare for the possibility of becoming unable to care for themselves or death.  An estate planning attorney helps and guides you in choosing the correct options for maintaining your estate after death or in case of incapacity. An experienced attorney seeks to fully understand your desires and goals regarding the maintenance of your estate and other property and suggests ways to achieve those wishes. Estate planning lawyers help people write instructions for the future handling of their property, finances, healthcare, and the future support and care of their loved ones.

How to choose a perfect estate planning attorney:

Estate planning is one of the most important steps a person can take to make sure that their final property and health care wishes are honored. While choosing an estate planning attorney you may consider the following things:

  • Comfort level: Make sure that you are comfortable telling your lawyer about everything. Ask yourself if you are totally comfortable and does the lawyer you are going to hire seem interested in listening and solving our problems at all.
  • Credentials: Before hiring an estate planning attorney check his records and how long has he been in service and also check if he has worked on similar cases to yours.
  • Cost: Check how the lawyer’s fees are structured whether they are structured hourly or flat fee. Ask your estate planning attorney if he can estimate the cost of your case for you to get an idea of how much the whole thing is going to cost you.
  • Location: Always make sure to check for your lawyer’s location. The lawyer’s office should always be located at a convenient distance.

An experienced estate planning attorney can help minimize the amount estate surrendered to taxes, as well as to ensure that the management and distribution of the estate is carried out according to plan. Particularly when your plans are complex and you have substantial property or assets, it is important to have an attorney who can ensure that your plan functions the way you intend. Depending on the complexity of your individual situation, your estate planning team may include attorneys, financial planners, bankers and insurance professionals.

The Law Office of Sean J. Nichols is dedicated to assisting clients throughout legal issues that come with aging including: elder law, estate planning, probate law and more.  Check out the Law Office of Sean J. Nichols at http://www.seanjnichols.com to contact an estate attorney today.

Take Time To Create An Estate Plan Today

Many individuals do not grasp how important it is to have an estate plan in place.  By taking the time and effort that is needed now to plan for your estate you inevitably save your family and friends a lot of trouble after you are gone.  In reality, after your passing, the last thing that you want to do is to leave chaos for your family to deal with while they are busy grieving.

By working with an estate planning attorney you are able to do all of the following things to prepare your estate.

Immediately provide for your family: It is important for the remaining spouse to have money to survive when their loved one has passed.  Many times couples that have children will plan for their estate to cover their future education while continuing to provide for their upbringing.

It is also important for parents to name guardians in their estate in the unlikely situation both parents were to die at the same time.  Without this in place, the court will be in charge of determining where your kids will live and who will be allowed to make decisions on behalf of their money, education and way of life.

Distribute property quickly: When creating an estate plan with an attorney you will have options regarding any insurance payouts.  With an estate plan the insurance can be paid directly to beneficiaries, joint tenancy and living trusts.  An estate plan allows you to take advantage of laws that allow for partial payments to beneficiaries while the will is still in probate.

Create an incapacity plan: An estate planning attorney will assist you in creating a living will and durable health-care power of attorney. This allows for the individual to make decisions on your behalf if you should become mentally or physically unable to for yourself.  This person will make decisions about life support as well as decisions regarding your medical treatment.

Lessen probate expenses: A solid estate plan can save your heirs a significant amount of money on court expenses. Getting all of your ducks in a row allows you to save on the cost of transferring property and allows more money to go to your beneficiaries.

Lessen the burden on your family: Your family will be grieving your loss while planning for your life’s celebration.  The last thing that they need to have is stress regarding the transfer of your estate.  By having an estate plan in place you are taking care of the details prior to your death.  This allows them to be able to grieve and process your passing.

No one wants to plan for their passing; it is an uncomfortable reality to face in life.  However, by having a plan in place you are basically showing your family just how much you cared.  An estate plan lessens the burden of distributing your assets.

The Law Office of Sean J. Nichols is dedicated to assisting clients throughout legal issues that come with aging including: elder law, estate planning, probate law and more.  Check out the Law Office of Sean J. Nichols at http://www.seanjnichols.com to contact an estate attorney today.

Simple Steps To Encourage Estate Planning

Today is a great day to stop procrastinating and to start thinking in terms of future plans for your estate.  Tomorrow is not a guarantee thus making an estate planning necessary sooner than later.   Without a plan in place your estate is left to be decided in probate.  In this article we will give you some simple steps to encourage you to start planning your estate today.

  • Give yourself a time limit: If you don’t have a deadline in place there will always be an excuse on why today isn’t that day.  Plan to have your estate plan done by your next birthday, anniversary or large family gathering.
  • Research: It is important to hire an attorney to help in your estate planning process. This does not mean that you shouldn’t look into different aspects of estate planning prior to meeting with them.  Many attorneys’ also offer free seminars.  This allows you as a consumer to become educated on aspects of estate planning while meeting with local attorneys.
  • Get your financial house in order: This is a step that can be done even before you meet with an estate planning attorney.  Create a spreadsheet with all of your current assets, their current market values, debts and resulting net value.  Put important papers such as account statements in a folder to take with you when you meet with the attorney.  All assets should be accounted for along with debts.
  • Create a list of individuals you want to gift to: Create a list of individuals with whom you would like to inherit a piece of your estate.  In your estate plan you will need to include their full name, date of birth, address and relation.  In this list include charities, educational or religious organizations.    You are then able to control how and when you want the inheritance to be received.  Some people choose to dole out their estate all at once while others choose a systematic approach to gift funds on a schedule.
  • Consider an executor: This person needs to be someone you trust who will abide by your wishes.  If you have children who are under the age of eighteen you will want to choose a guardian.  The executor will work with the chosen guardian until they have reached the age in which you wish them to have control over their own inheritance.
  • Healthcare advocate: When you are making an estate plan another crucial aspect is to assign a healthcare advocate.  This individual will be in charge of your healthcare decisions should you become unable to make them for yourself.  This person should know your desires regarding assisted living.  Clearly state your desires to this individual in order to avoid confusion during an already stressful moment in time.
  • Meet with a local attorney specializing in estate planning: This is a vital step in estate planning.  A lawyer that specializes in estate plans can correctly draft the documents to read as you desire.  With their assistance, your desires will clearly be stated and loved ones will not be able to questions your intentions.  An estate planning attorney creates documents to allow your estate plan to work as you wish.

The Law Office of Sean J. Nichols is dedicated to assisting clients throughout legal issues that come with aging including: elder law, estate planning, probate law and more.  Check out the Law Office of Sean J. Nichols at http://www.seanjnichols.com to contact an estate attorney today.

When Your Personnel Situation Changes Make Sure To Update Your Estate Plan

Everyone knows that it is important to have a solid estate plan in place. What many people forget it that this process doesn’t end just because an attorney designs an estate plan for you. That is just the beginning.  An estate plan must be updated regularly to reflect your current lifestyle.  Anytime there is a change in your financial or personnel situation you should work with your attorney to update your estate plan.

  • Divorce/Separation: Once you become legally separated or divorced it is crucial to update your estate plan to reflect your new goals and ideals.  It is also a time to reflect on the future.  Take into account that an influx of relationships end in divorce.  This is a great time to input provisions in your estate plan to protect your heirs against potential changes in their own marriages.
  • Re-Marriage: There are many complex situations involved when couples remarry.  This is especially true when both partners have children from previous relationships.  An estate planning attorney can help navigate the complexities of providing for a blended family.
  • Birth/Adoption of Children: Your estate plan should have in place provisions for your children’s future financially.  An estate plan should also provide a detailed plan for the children’s care should you and your spouse die or become incapacitated.  A guardian should be appointed to support your children into adulthood.
  • Illness/Injury: Your estate plan needs to be kept updated for when you or a family member becomes seriously ill.  The needs for your care or their care have changed and this change should be reflected in an updated estate plan.  It is also important to include a plan and appoint a power or attorney of health care for your own needs.  You will want someone to be in charge of your decisions if you become unable to do so yourself.
  • Tax Law Changes:  With constant changes to the economy that affect certain tax laws it is crucial that your estate plan reflects these changes appropriately. The updates to tax laws can dramatically affect your estate.  An attorney specializing in estate planning will help you make changes in your plan that coincides with the new legislation that is in place.
  • Inheritance: With an increase to the value of your estate comes a need to change how your assets are passed to those you love when are deceased.

It is important to keep your estate plan up to date on a regular basis.  Review your plan with your estate attorney to ensure it is always up to date and in line with the manner in which you intend to distribute your assets when your death occurs.

The Law Office of Sean J. Nichols is dedicated to assisting clients throughout legal issues that come with aging including: elder law, estate planning, probate law and more.  Check out the Law Office of Sean J. Nichols at http://www.seanjnichols.com to contact an estate attorney today.

The Importance Of Estate Planning

Everyone knows estate planning is important.  Not only are their advantages you will benefit from personally but making necessary plans for your estate eliminates the guess work for your family.  Take the time and effort now to remove the burden from loved ones during the period they will be grieving the loss of a loved one.

With an estate plan in place you can make necessary arrangements to provide for your family.  This will allow one spouse to set aside the proper amount of funds to continue living the lifestyle you have planned for your future.  If you have children it is crucial that your estate plan has provisions to provide for them as you see fit.  A guardian should be appointed in your estate plan as well just in case you both should pass away before the children have left the nest.  Without a plan in place the court is left to make those important decisions for you.

Another benefit of estate planning is the ability to quickly distributing your property to beneficiaries.  A number of estate planning methods can help with this process including: insurance with benefits paid directly to beneficiaries and a number of trust options.  Talk to an estate planning attorney to see what option works best for your situation.

Estate planning allows you to plan for a time when you may become incapacitated and unable to make decisions.  It allows you to create a plan of action should you become mentally or physically incapacitated.  Having a living will or durable heath care power of attorney in place allows you to choose an individual to help make medical decisions on your behalf.

Estate planning allows you to minimize the costs involved in transferring property to beneficiaries.  It avoids the unnecessary expenses that come along with probate.  It allows you to choose an executor to distribute your estate.  This not only saves you money it reduces the burden that the death of a loved one places on the living and makes administration of the estate simpler.

There are a number of aspects in life that require a detail estate plan be in place.  If you are the sole provider for an elderly parent, dependent child or want to provide the payment necessary for your grandchildren to attend college you can put a plan in place with an estate planning attorney.  If you are a business owner it is also important to create a detailed estate plan with an attorney to allow for an orderly continuation or curtailment of the business.

The Law Office of Sean J. Nichols is dedicated to assisting clients throughout legal issues that come with aging including: elder law, estate planning, probate law and more.  Check out the Law Office of Sean J. Nichols at http://www.seanjnichols.com to contact an estate attorney today.