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.