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There aren’t many certain things in life, but death is definitely one of them. Because you never know when you’ll pass away, it’s important to be prepared. When you die, you want your surviving family members to be comfortable. You also want the peace of mind to know that your assets and possessions will pass into the right hands. To do this, you need to develop an estate plan. An experienced estate planning attorney can help you with this task.
Estate Planning: an Overview
An estate plan is a legal document that details and authorizes the transfer of your assets and property into the possession of someone else when you die. Ordinarily, these items move to a beneficiary such as a child or a spouse. The advantage of creating an estate plan is that you can designate to whom you want your estate to pass. In this plan, you can express your wishes for your belongings. This includes everything from your home (and additional property), vehicles, bank accounts, retirement accounts, life insurance policies and more.
Why Do It?
An estate plan helps in many ways. Not only does it put you at ease knowing your estate will benefit the lives of your family members, but it helps survivors avoid many hassles. A well-thought-out plan eliminates confusion and uncertainty. If a plan isn’t in place, family members may argue over who gets what. Dividing assets can lead to strife and divisions, many of which can last for generations. A plan can also help a spouse or children feel more financially secure at your passing, particularly if you still have significant financial obligations such as mortgage debt or student loans. Also, an estate plan keeps your property and possessions from passing into probate. This court process can be lengthy and may end up sending your assets to people or places you wouldn’t want.
How To Do It?
Creating an estate plan isn’t something you should come up with in a matter of moments on your own. Highly skilled, experienced attorneys, like an estate planning lawyer from Klenk Law, are accustomed to helping people draw up their plans. Visit with a lawyer today to get the guidance you need. A lawyer will know what process to follow and how to properly finalize this crucial plan.
Put your affairs in order and do an estate plan today. This will benefit you and your loved ones you leave behind at the time of your death.