Will Based Estate Planning
While it may be unsettling to acknowledge your own mortality and plan for the eventuality of your death, it is absolutely necessary to provide clear legal instructions for the distribution of your assets, as well as the guardianship of any minors or relatives under your care, in order to prevent confusion, legal disputes, and disharmony among your surviving family members. Estate planning ensures your property and assets are distributed according to your wishes upon your passing. Our team of professionals at the Estate Preservation Law Firm can help provide you with lifelong protection and peace of mind through comprehensive estate planning that meets your needs.
Importance of Planning
Estate planning can protect your loved ones and assets, as well as your personal autonomy and dignity in the event of incapacitation. Many people choose to delay estate planning until later in life due to a perceived lack of urgency; however, accidents, illnesses, and other unexpected life events may occur at any age, resulting in your untimely death or incapacitation. If you do not have an existing will or trust in place, the court will decide on how the matter is handled. This can cause costly and contentious legal disputes, as well as lead to outcomes that may go against your desires. For this reason, estate planning is process that should begin at adulthood and end at death.
What Is a Will?
A will provides instructions for the distribution of assets, assignment of guardianship, and other important matters such as funerary arrangements, in the event of your passing. According to state law, the will must be signed and witnessed. In order to have legal effect after your death, a will first needs to go through probate, where a judge will look over the will and review evidence of its validity in order to determine whether it is legitimate. If it is admitted then an executor will be appointed to carry out the distribution of assets among the listed beneficiaries. It is important to consult with an estate planning professional when drawing up your will to avoid problems and potential legal disputes over the execution of your will.
Is Will-Based Estate Planning Right For Me?
A will is the most efficient and least expensive choice for small estates and simple bequests. However, wills are often disputed in court, which can lead to costly, long, drawn out legal battles that delay the execution of the will and distribution of inheritances. Those with considerable assets or complicated family relationships, such as multiple children from different marriages, may wish to consider a trust-based estate plan instead for a smoother process. Our estate planning professionals can discuss your options with you to determine whether a will-based estate plan, trust-based estate plan, or combination of the two will be best suited for your particular circumstances.
Let us help you find your path to lifelong protection and peace of mind. The Estate Preservation Law Firm provides confidential and reliable estate planning services for individuals from all walks of life. We want to help you protect and preserve your wealth, and plan for the future well-being of your family.