Estate planning is a complicated process that requires the assistance of a skilled attorney. It deals with more than just creating a Will, which is one of the easiest aspects of the process. A good estate plan will help your family avoid arguments, misunderstandings, and saves them a lot of money in legal fees. If you have a good estate plan, you can be certain all of your wishes regarding your assets will be carried out without fail.
At Jennifer Walter Fowler, we have ample experience with estate planning and know how to navigate all of the complexities involved in the process. We are always willing to answer any questions or concerns you might have regarding estate planning. Here are some things you need to know about it:
1. Will is just one part of estate planning
A Will clearly states how you want to distribute your assets after you have passed away. It’s an easy document to create and there are several software programs and templates available online to help you. However, a Will is limited in its capacity and can only be applied after you have passed away.
2. A Living Will can help
A Living Will is a document that can help handle your medical needs, healthcare, assets, and personal care if you become incapacitated and aren’t able to make decisions. This can make things easier for your family and ensure you’re treated with respect and dignity at all times. A living Will includes instructions regarding living arrangements, medical care, distribution of financial accounts and responsibilities, etc. We can create the best possible living Will to ensure you and your family has an easier time if you’re incapacitated.
3. Listing beneficiaries
Financial assets like retirement funds, insurance money, etc. can be willed to beneficiaries. There’s no rule that states you need to will financial assets to your children but it’s a good idea to mention them to ensure authorities know you haven’t forgotten about them. You can give your financial assets to anyone and decide how much each beneficiary can get.
4. Revocable Trust
Some assets can’t be transferred to beneficiaries and need to be distributed through a revocable trust. Physical assets such as a house, commercial property, cars, etc, are usually placed in a Living Trust and can help family members avoid a long and complicated probate process. This Trust allows you to retain control of your property and ensures it can be transferred smoothly after death.
If you have any questions and want advice regarding estate planning, don’t hesitate to contact us at Jennifer Walter Fowler.