Tag Archives: Estate Planning

How You and Your Family Benefit from Estate Planning

Estate Planning AttorneyThere is no telling when one’s last day will come. Someone who seems fine one evening might die of an accident the very next day, while someone with a terminal illness may still last a few months. Bottom line, you need to be prepared. One method of preparation is estate planning and it can offer both you and your family the following benefits.

Protects Family Peace

Estate planning gives your family members guidance on what to do with your property and other acquisitions after your passing. Let’s say you have commercial real estate properties in Denver that would need attending to when tragedy strikes. An estate plan made with an attorney in Denver can assign people to take care of these unfinished businesses to save your family the trouble of handling your still existing property issues.

Protects Underage Family Members

Nothing is more heartbreaking than children losing their parents at a young age. When you plan your estate, you can be assured of their safety and care in case of your untimely passing. You can assign guardians to take care of them, along with whatever inheritance you will leave them. Also, you’ll be assured that everything you will leave will be passed on to them when they come of age.

Protects The Family Interest

Without proper estate planning, your family still need to make decisions and spend money for funeral and legal services, they might also end up paying too much tax. Money might also end up with family members or other individuals that are not meant to be part of the will. Estate planning prevents all that from happening since everything will be stipulated in the instructions you have set.

Death might be a morbid topic for many, but it’s inevitable. Estate planning can keep things in order while preventing unwanted trouble after your departure. While you are alive and well, it is best to choose a trustworthy attorney now to help you secure your future through estate planning.

Why You Should Not Delay Estate Planning

Estate Planning Most people are not comfortable or open to discussing wills, testament, and other estate planning matters. Even with their spouses. But the truth is, having a meaningful discussion with your family about estate planning can benefit all of you. Delaying it will only cause confusion, anxiety, and too much pressure later on.

According to an experienced estate planning attorney in Utah, there are also a couple of other reasons why you should deal with this issue as early as possible. These include the following:

You can better prepare for unfortunate situations

Estate planning allows you to determine how and by whom your assets will be managed in the event you become incapable of managing them yourself. The idea may seem too morbid to many, but estate planning lets you think in advance how your assets will be distributed after your passing.

You can determine your children’s guardian in advance

Many people tend to wait until all of their children have come of age before discussing estate planning because they couldn’t determine the best person to name as a guardian. However, if something untoward happens to you and you fail to determine a guardian for your kids, the court will decide for you. Unless you are confident about placing the future of your children in the hands of a judge you don’t personally know, then it is best to deal with it while you are able to.

Even you think it is too morbid or that it somehow makes you think about your own mortality, estate planning actually reflects your love for your family and the people you care about. It gives the impression that you want to them to feel safe and secure even long after you are gone. So start planning today and don’t forget to include your spouse in making your decisions.

3 Dangers You Will Avoid with an Experienced Estate Planning Lawyer

Estate Planning Lawyer in UtahEstate planning can be a complicated legal process, which you shouldn’t hand to any attorney. By all means, you must hire an experienced practitioner in this area to assist you with what you want to achieve and help you tiptoe around its pitfalls.

An expert estate planning lawyer in Utah, Alabama, or whatever city you live in America can help you navigate through this important legal process, especially in avoiding missteps that often lead to these regrettable dangers:

Lack of an Estate Plan

Not having any type of estate plan is a cardinal sin. Regardless of your net worth, you should never let the fate of your wealth be decided by your state when you die or become incapacitated. There may be procedures in place, but they’re not necessarily designed to serve the best interests of your family.

While you’re still able, you must ensure your assets would be distributed your way. If you want proper, fair, and stress-free wealth disposal, it’s just the estate planning way or the highway.

Family Disputes

Having an estate plan only takes care half of the job. Careless drafting of your trust or will may cause a rift between your loved ones. No matter distasteful it is to mix family members and money, the relationship between the two is often unbreakable.

Without an experienced attorney handling this matter on your behalf, your estate plan might leave ambiguities instead of certainties to your beneficiaries.

Conflicts with Asset Protection Planning

Asset protection planning usually complements estate planning because, after all, you can’t leave something you might no longer have in the future. However, these two processes don’t always reconcile. Some asset protection techniques are anathema in estate planning, and vice versa.

If you’re going to hire an attorney, make sure he or she is adept in both areas to ensure the two processes would work for, and not against, you.

You need estate planning more than you want to believe. But if you’re not going to hire an apt lawyer to use this legal process to your advantage, you might as well not waste time on estate planning at all.