Preparing for The Future With an Estate Plan

Beginning Your Estate Plan

As we age, we begin to think more about protecting assets as well as the inevitable. We will all pass and when that happens its important that we are prepared.  Preparing for the future allows us to protect our loved ones from having to deal with all the details of how our Estate should be handled.  And, allows us the ability to document our wishes when we pass. 

When you hear the word estate, its best to think of it as everything you own.  Regardless of the size of your estate, as the saying goes "You Can't Take it With You".  That brings up the question that must be answered which is, who will your estate go to?  This blog contains very high level that you need to know about estates and estate planning as well as the importance of hiring an Elder Law Attorney. 

What is an Estate and Why Do I Need an Estate Plan?

An estate includes all money, investments, and belongings that you own.  This includes vehicles, homes, furniture, antiques, family heirlooms, bank accounts, and any other items that you own or that are in your name.  With that said, it also includes debts.  An estate plan identifies who the responsible party is over your estate and how your belongings will be divided when you pass.

In the event that you do not have an estate plan, you could be leaving your family and loved ones to fight over your estate or worse yet, your estate could end up going to the state instead of to your family.

Why is an Estate Plan Important?

An estate plan is set up to protect your possessions and your family after you die or become incapacitated. It outlines important decisions that you have made regarding your health care and your property.  Its important to have an estate plan in place, regardless of you
It is important for everyone age because it establishes the following:

• Who should receive your possessions after your death
• Identifies an executor to handle your estate after your death
• Enables you to avoid the probate process
• Identifies guardianship for the care of your miner children, overage dependents and for yourself.

What You Need to Do to Start Your Estate Plan?

Creating an estate plan can feel overwhelming.  The primary thing to remember is that in the long run your family will be protected and your last wishes will be carried out as you have directed them to be.  Some people think of an estate plan as an end of life plan.

What Does an Estate Plan Include?

An estate plan typically is created as the strategic plan to fulfill your final wishes in the event that you become incapacitated or die.  The estate plan that you set up will define how your possessions, minor children, pets, and debt are handled.

An Estate Plan typically includes the following items:

• Powers of attorney
• Living will
• Last Will and Testament
• Trust 
• Beneficiary designations
• Transfer of deeds or accounts upon death

Plan Early With an Estate Plan to Protect Your Loved Ones

Life has no guarantee on the amount of time that we have.  Regardless of how healthy you are today, there’s no guarantee for what will happen in the future.  If you become ill or unable to make decisions for yourself, it is crucial that you have the right legal documents in place.  Sadly, many people think that an estate plan is too complicated, however, Paths Elder Law is here to help eliminate any stress and to simplify the process. 

For more questions on Estate Planning and how Paths Elder Law can help, Contact Us Today to schedule an appointment.