Is Estate Planning Just For the Rich?
This is a common misconception, but estate planning is for everyone. You do not have to own multiple homes or have an expensive artwork collection to pass down. You do not even have to have a trust fund.
Anyone can make an estate plan, and we recommend it to all of our clients. When you decline to create an estate plan, your family and loved ones could end up dealing with a stressful situation later.
What Happens if I Skip Estate Planning?
When you do not create an estate plan or will of your own, it is said that you pass away “intestate.” This means that all of your assets are split up according to state intestate succession laws. Items will go to specific family members in accordance with state law. That may not be the same as in accordance with your wishes.
How Should I Start My Plan?
The first thing that you need to do is inventory all of your assets. Most people have more than they expect. Things like money, real estate, bank accounts, and vehicles all need to be cataloged, but you probably also have other personal items to pass down. Then there are other assets that you should not forget about, like life insurance policies, stocks and bonds, retirement plans, or even ownership stakes in businesses.
Then you need to think about how to pass down what you have. You can name multiple beneficiaries and make sure that people are not left out. Then you need to figure out other important things, like who should have power of attorney and whether or not a trust can work for you. We can help you find the best possible arrangement and make sure that you do not leave anything out.
Should I Hire a Lawyer?
Crafting an estate plan is no small task, even if you do not have a ton of assets or beneficiaries to manage. If improperly handled, some documents may not be legally binding. Others might not cover everything that they need to. Having an experienced lawyer on your side during this process can be beneficial. You can be sure that your estate plan will be legally binding when you work with us. That’s peace of mind for you and your family.
Talk to Our Experienced Attorneys Today
If we have convinced you about the importance of the estate planning process, contact Herting Law, PLLC. We can answer any questions that you have and help you make a comprehensive plan that covers all of your assets and beneficiaries. Schedule a consultation today.