Estate planning is, in it's most basic essence, the process of ensuring that your affairs are in order and that your assets will be distributed according to your wishes after your death.
This can be a simple process for some people, or it can be quite complex, depending on the size and nature of their estates.
Many people think of estate planning as something that only wealthy people need to worry about, but this is not the case.
Everyone has an estate, and everyone should have a plan for what will happen to their assets after they die.
The first step in estate planning is to inventory your assets and determine what you want to happen to them after your death. This can be a daunting task, but there are many resources available to help you. Once you have a good understanding of your assets and your wishes, you can begin to put together a plan.
I suppose, ultimately, we all want to do a few things, one of which is to control our property while we are alive.
We want to take care of ourselves and our loved ones if we become disabled, and give what we have to whom we want, the way we want, and when we want.
Furthermore, if we can, we want to save every last tax dollar, professional fee, and court cost legally possible.
Unfortunately, without proper planning, our wishes may not be carried out the way we intended them to be.
Creating a comprehensive estate plan is the best way to ensure that your assets are distributed according to your wishes and that your loved ones are taken care of in the event of your incapacity or death.
There are many different ways to do this, and there is no one-size-fits-all answer. Make sure that you think about working with a lawyer who is solely an estate planning attorney to create a plan that is tailored to your specific needs and goals.
By taking the time to create an estate plan now, you can avoid many challenges and complications down the road.