What Is Estate Planning?
Estate planning is the process of organizing all aspects of an estate to manage assets and prepare them for disposal. It involves creating fundamental documents such as a health care proxy, a will or trust, and power of attorney.
The main objective of speaking with an estate planning lawyer is to maximize what you leave behind. With the help of an estate attorney and a tax advisor, you can save significantly on future costs. It also involves: determining how you want to divide your assets and who they will go to writing a letter of intent gathering pertinent documents and putting them in a secure location selecting a trustee and trustee successor(s) to manage assets in the event of incapacitation or death.
Do You Need an Estate Planning Attorney?
Estate Planning Benefits
Estate planning protects your assets and your loved ones from excessive taxes and court time. It ensures that, no matter what happens or when, you have clear instructions on how your estate should be handled and by whom. Here are the most important reasons for estate planning:
- Preparing for the unexpected: Most people think that this type of planning is for the event of death. Although, death is certainly important to prepare for, there is also the possibility that an illness or accident could leave you incapacitated.
- Children: Setting up proper care for little ones and ensuring they will be provided for financially is imperative. Choosing a guardian as well as a conservator who can manage any assets the child is set to inherit can ease worry. Or, if your children are already grown, determining who gets what beforehand can help prevent needless stress or rivalry.
- Minimize Probate: The court probate process can be lengthy, expensive and public. Having an estate plan significantly lessens all three of those things.
- Business Goals: If you own a family business, an estate plan can help create a way to easily transfer the assets to family.
- Blended Families: If you have a blended family, the division of assets can be a bit more complex. Depending on the circumstances, you may want certain assets set aside for biological children versus step children. A plan can accomplish this.
Estate Planning Is Important To Protect Your Family
Preparing is always a great thing to do, but the importance of estate planning goes further by actually creating a secure future for your family by protecting your estate and maximizing the benefits of the assets they’ll inherit when you’re no longer here. Start planning today by contacting an attorney who can help you put together everything you need to successfully pass along your estate. At Zentz Law, our goal is to be a top-rated Indiana estate planning law firm for our clients. Call our office at 317-677-7169 to speak with an estate lawyer today!