Life is beautiful, but it is also unpredictable, which is why you should take care of certain things before it gets too late. You might be surprised to learn about the amount of time that people spend planning their vacation – but – when it comes to estate planning, they stop paying attention despite the fact that this is one of the most important things that really matter.
Most people believe that estate planning is only for the rich – but it is for everyone. It is about being able to determine who will inherit what in case of your death.
What To Ask Your Estate Planning Attorney?
Now that you know why to pay attention to your assets and why you need to protect them, it is time to hire an estate planning lawyer to discuss important matters with them. Before you hire an attorney, though, make sure to ask them about their experience with assisting people with creating and designing their estate plans.
Also, the estate planning lawyer should ask about the type of results they have achieved for their clients. Get familiar with their process of getting your treasures in your treasure chest. Ask the real estate attorney how they can help you fund your trust and retitle your assets from your name as an individual to your name as a trustee of your trust.
Why Do You Need Estate Planning?
Without a detailed estate plan, you will leave everything to the courts, and the court will appoint individuals to handle your estate, which won’t necessarily align with your choices. You might as well expect the worst, such as forgery of wills, in which case you or your loved ones might have to get in touch with a criminal law attorney to protect their rights.
When it comes to the importance of estate planning, keep in mind the following:
Your Loved Ones Will Go To Court
If you don’t have estate planning, there is a great chance that your family might have to go to court to protect what should have been theirs. Even if you have a will, you will need to plan your estate – otherwise – the probate can become a nightmare for your loved ones.
Depending on the complexity of the estate matters, it can take between months and years for the probate to complete. Not to mention the fact that probates can be incredibly expensive, and once your loved ones have paid all of the taxes, court fees, and debts – they might be left with nothing to inherit.
You Will Lose Control Over Inheritance
If you pass away without an inheritance plan in place, you will literally hand over all decisions regarding who inherits your assets to the court. The succession laws of your state will determine the next owner of your property, none of which will align with your choice.
Usually, spouses and children are the top priority in succession laws. If you happen to be single and without kids, your assets will typically go to your siblings or parents. On that note, estate planning isn’t only for the old people but for anyone who owns something.