Estate planning is an important process for anyone who wants to ensure that their assets are distributed according to their wishes after they pass away. It involves creating a plan that outlines how your assets will be managed and distributed, and it can include a variety of documents, such as wills, trusts, insurance policies, and powers of attorney. When it comes to estate planning, having a last will and testament is probably the first thing that comes to mind. This document outlines how you want your assets to be distributed after you pass away.
It's important to note that wills must be drafted in accordance with state laws in order for them to be valid. In addition to wills, trusts are also an important part of estate planning. There are two main types of trusts: living trusts and irrevocable trusts. Living trusts are revocable, meaning they can be changed or revoked at any time.
Irrevocable trusts, on the other hand, are set in stone and cannot be changed or revoked once they have been created. Irrevocable trusts can be used to protect certain assets from creditors and beneficiaries' creditors, and can also help minimize property taxes. Insurance policies can also play a role in estate planning. Depending on your circumstances, you may need one or more insurance policies in order to ensure that your heirs receive the assets you want them to receive.
It's important to review your estate plan documents regularly and consult with a financial advisor or probate lawyer if you have any questions or concerns. A good estate plan should be designed to avoid probate, save on estate taxes, protect assets if you need to move to a nursing home, and designate someone to act on your behalf if you become disabled. At COODIN & OVERSON, PLLP we understand the importance of estate planning and we help clients who want to formulate and document their plans. If you need assistance with your estate plan, don't hesitate to call us today at 651-209-1155 for a free initial consultation.
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