Why Estate Planning is Essential for Protecting Your Family and Assets: FAQs
What is an Estate?
Estate planning involves arranging for the transfer of assets upon death or incapacity, including creating legal documents such as Wills, Trusts, and powers of attorney. Making a plan ensures assets are distributed according to one’s wishes, minimize taxes and expenses, and protect assets from threats. Don’t leave the distribution of your assets to chance – gain the knowledge you need to make informed decisions.
Why do I need Estate Planning?
You can’t afford not to!
Do you know what would happen if you passed tomorrow? Without proper planning, your family, assets, business and home would be at the mercy of the courts. When you hire an attorney to legally create an estate plan, your assets and your loved ones are protected. In the event that you become incapacitated or death, your Will, directives, legacy and business holdings are kept out of Court. Give the gift of planning ahead to your family and loved ones.
What is a Trust?
Like a traditional Will, a “Revocable Trust” contains your plan when you are alive for where your assets and property go when you die. It can be changed at any time. When you die, your Trust becomes “Irrevocable”, meaning it can’t be changed, and your plan is guaranteed; and your assets are protected.
Who needs a Trust?
A Trust provides for the benefit and needs of your spouse, Children, and successive generations of your descendants to:
- Ensure that your accumulated wealth will pass in a tax-efficient manner at your death.
- Ensure that assets going to your Children are protected and managed appropriately, particularly when they are young.
- Allow each generation of your descendants to control the investment and use of their inheritance.
- Allow each generation of your descendants to direct how their inheritance is to pass at their death.
- Shield each beneficiary’s inheritance from the claims of their creditors as well as the claims of their spouse in the event the beneficiary divorces.
It’s never too soon to plan ahead.
We are here to counsel you and help you make the best decisions for you and your family. Contact Us Today!