The Benefits of Estate Planning: Protecting Your Loved Ones and Assets

Estate planning is an essential process for protecting your loved ones and assets. It involves determining how a person's assets will be preserved, managed and distributed after death, as well as the management of a person's assets and financial obligations in the event of incapacitation. Estate planning is also about providing your beneficiaries with protection from the Internal Revenue Service (IRS) by transferring assets to them with a view to creating as little tax burden as possible. A properly prepared estate plan will state your wishes exactly, in the most advantageous way possible, so you can trust that there will be no questions, misunderstandings or misconceptions about what you want.

Estate planning devices may include wills, revocable or irrevocable trusts, powers of attorney, living wills, donations, creation of family limited partnerships, or simply the creation of joint leases on bank accounts, stock accounts or real estate. An estate plan that includes both a living trust and a will is not necessarily more expensive initially than an estate plan that only includes a will, but it is more likely to avoid charges and costs later, considering that a funded trust can prevent court involvement in the event of disability and death. So, whether you need to review an existing will or create a comprehensive estate plan from scratch, it's best to contact an estate planning attorney to get started with your estate plan today. It's important to understand that trying to do your own estate planning to save money can now cost your family later and can have consequences you didn't intend to.

A comprehensive estate plan can resolve many legal issues that may arise as you age and your health situation changes. Although there are many parts to a complete estate plan, addressing them one at a time is the best way to come up with a plan that is conclusive, comprehensive, comprehensive, and that protects everyone in your life you love. Each estate planning attorney brings a sophisticated level of understanding to these complex and technical areas of law.