To prepare for the future and ensure the care of your loved ones, you absolutely need to seek the counsel of an attorney experienced with estate planning. However, people fail to plan for the future all too often. The question is not if you will need estate planning services, but when you will need them. Estate planning isn’t only applicable to seniors, though. Sadly, accidents happen every day that lead to unexpected fatalities, and family members of the deceased are left struggling to make ends meet.
What Constitutes an Individual’s Estate
Many people have the misconception that their estate only includes their land, home, and other physical buildings. Some even think that estate planning is only for the richest, wealthiest individuals in the top one percent of society. This could not be further from the truth. Regardless of your net worth, you need to create a legally binding document naming beneficiaries so your family receives your assets after your passing. Additionally, there are other nonfinancial aspects that need your consideration. Common estate planning considerations include:
- General final wishes
- Ensuring the right person maintains custody or guardianship of your children
- Ensuring ownership of your assets is transferred to family members
- Retirement funds and 401K beneficiaries
- Eliminating quarrels between your loved ones
- Reducing taxes associated with your estate
The Dangers of Not Planning Ahead
If you pass without planning the distribution of your estate, your state will divvy up your property according to inheritance laws. This can be very problematic because law doesn’t discern who needs your assets the most or take verbal agreements into consideration. In the end, your loved ones can be left struggling to make ends meet. The future of your loved ones depends on your ability to plan ahead. Seek our expert advice to ensure the safety of your loved ones after your passing.