None of us can fully anticipate what the future will bring. We can plan, we can scheme, and we can take precautions, but ultimately, we’re all at the mercy of whatever tomorrow will throw at us. That’s what makes the estate planning process so important; you want your wishes to be upheld and your legacy preserved no matter what comes next, and estate planning allows you to cover all contingencies. In particular, we’d recommend estate planning with the assistance of a wills, trusts, and estates attorney… and here are some of the reasons why.
If you’re reading this post, then you’re probably in a position where you can speak up for yourself, exert control over your personal financial and healthcare decisions, and generally make your wishes known.
But what happens when that’s no longer possible? What if an accident, illness, or injury leaves you unable to articulate your preferences or desires? By working with a living wills lawyer or living trust attorney, you can lay out your wishes concerning things like life support and end-of-life care, ensuring your values are upheld even when you can’t actually voice them. This is an integral aspect of estate planning.
Of course, one obvious component of estate planning is dictating who gets what; which assets are passed on to which heirs. This is done primarily through a will, yet a will alone is insufficient for your estate planning needs.
The reason for this is simple: Even with a will, it’s possible for the assets you leave behind to enter probate court, which can cause a lot of hassle to your loved ones, and potentially violate your own personal wishes. The best way to avoid probate is through the use of a trust. A will and trust attorney can help you with these more advanced estate planning considerations.
Another important aspect of estate planning is preserving the full value of your estate. When you pass down assets to a child or grandchild, for example, you want your heirs to receive the full benefit of those assets. But that’s not always how things turn out; sometimes, estate taxes can take out a big chunk of your assets’ overall value, leaving your heirs with less than what you or they had hoped for.
Tax planning can help you eliminate onerous burdens, ensuring that the people you love receive the maximum value in their inherited assets. Again, this is something that a skilled will and trust attorney can help you with.
We’ve listed some of the main reasons why people might hire a living wills lawyer or a living trust attorney, yet it’s important to note that no two people ever have exactly the same estate planning needs.
Indeed, as you think about your life and the kind of legacy you wish to leave behind, you may have questions about appointing a trustee; selecting guardians for your children; leaving an endowment to a non-profit or charitable cause; or something else altogether. It’s only when you meet with an estate planning lawyer that you can discuss your situation in-depth and arrive at a plan that helps you meet all your objectives and goals.
It’s precisely because estate planning is so multi-faceted, and so different for different people, that the cookie-cutter approach is insufficient. While it’s easy enough to download and complete estate planning documents, this is hardly the same thing as actually developing a strategy. That’s something that requires the expertise of an estate planning professional.
Indeed, estate planning is about more than just completing some forms; it’s also about covering your bases, minimizing taxes, avoiding probate, and so much more. What we’ve listed here really just skims the surface.
If you’re ready to speak with a will and trust attorney from Singh Law Firm, we invite you to reach out to us at your next opportunity. We understand that estate planning isn’t one-size-fits-all, and we’re eager to help you develop a plan that will help you meet your specific goals and objectives.
Contact Singh Law Firm to make an appointment with us.