What is Estate Planning?
Estate Planning is something everyone should be prepared for no matter what his or her background or amount of money. Likewise, although not everyone realizes it, each person that owns possessions of some sort has an estate. Such items are included in an estate are:
Estate Planning is something everyone should be prepared for no matter what his or her background or amount of money. Likewise, although not everyone realizes it, each person that owns possessions of some sort has an estate. Such items are included in an estate are:
- Real estate
- Banking accounts
- Investments
- Life Insurance
- Furniture
- Possessions
It is a wise decision to execute a will or trust with a skilled Edwardsville estate planning attorney so you can know what will happen to your things after you are gone. That way you can ensure all of your wishes are carried out the way you want them, and you can even provide specific instructions on who receives what, at which time, and so forth.
Things to Keep in Mind
Planning in advance is always a good idea, and the following should also be kept in mind for proper execution of your wishes:
Planning in advance is always a good idea, and the following should also be kept in mind for proper execution of your wishes:
- Instructions for your values along with possessions
- Instructions for your care if you become disabled before you die
- Name of guardian for minor children
- Provide for family members or loved ones who may be irresponsible with money
- Life insurance for family members if you can no longer work due to illness or death
- Transfer of your business or retirement
- Minimize taxes and court costs
Keep in mind that estate planning can change just as your life does. Furthermore, estate planning is an on-going process that must be renewed and updated as your living situations fluctuate as well.
What if I have no Plan?
If you do not have an estate plan and the unthinkable happens, the state you live will give you a court appointee to sign for you. Therefore, the court will make all decisions on how to control your assets that care for you throughout a conservatorship or guardianship if you are disabled.
Likewise, if you become deceased without an estate plan, the court will distribute your assets according to the probate laws in your state. Typically giving your family a fraction of your estate which often times is not enough to sustain the same quality of life prior to your death. Next, if you have children, the state will control his or her inheritance. Lastly, these decisions are not only costly and time consuming, but all records are open to the public as well.
Overall, hiring a skilled Edwardsville estate planning attorney will not only give you piece of mind, but will help you rest assured your final wishes will be carried out and your family will be taken care of. The experienced Edwardsville estate planning attorney, Deborah Besserman understands the intricate workings of successful management of your wishes. Please contact Besserman Law Office, LLC today for a free consultation regarding your estate planning process.