Assets – Trusts – Probate – Wills
Estate planning is something that most people don’t like to talk about. Much like taxes, death is inevitable. What you leave behind and who you leave it to may seem like a simple process but there are many layers to consider when putting together a plan for the distribution of your accumulated wealth and belongings.
Probate is costly and takes a lot of time, meaning your loved ones have to wait through months of legal proceedings before anything can be distributed. If you have holdings in multiple states, your beneficiaries will be forced to go through probate in each state. Putting your assets into appropriate Trust entities now can help eliminate the need for probate, saving your family time and money.
Drafting a simple Will may seem like the best course of action, but life changes. Consider starting an Estate plan now to cover the basics but know that this should be a work in progress. Your circumstances will always be changing and you will want to be comfortable with a legal professional so you can work together on the best plan of action over the course of your life.
As an attorney, it is important that we personally understand what your goals and wishes are for your Estate. Do you have charitable intentions for any portion of your assets? Are there any education or support trusts that should be set up for children or grandchildren? What might an Advanced Directive look like if you become incapacitated? These are tough questions but talking about them now gives most clients peace of mind knowing that things are set up the way they intended.