If youre just getting started with your estate planning or if youre thinking about taking the time to plan, you probably have a lot of questions. It can be challenging trying to understand all aspects of estate planning.
Take a look at the following beginners guide to learn a little bit more about this legal tool. If you have questions or if youd like to start your estate planning, meet with an estate planning attorney.
What is estate planning?
Estate planning is a planning process that allows you the opportunity to choose how your estate will be managed should you become incapacitiated and distributed when you die. With estate planning, you take the time to plan out your family, legal, and financial affairs in order to protect yourself and your loved ones in the future.
What are the benefits of estate planning?
There are many benefits to estate planning. Some of these benefits include the following:
- Decide how your assets will be distributed after your death
- Provide for your loved ones after your death
- Ability to plan in order to save on estate taxes
- Plan for medical emergencies
- Ensure that you children will be cared for by the people you choose
What are the consequences of not planning?
If you fail to plan, you and your loved ones may face a number of consequences. Some of these consequences include the following:
- Your assets may be given to the wrong people
- You may have no say in important medical or financial decisions if you become incapacitated
- You may have no say in your childs guardian
- Your family may have trouble surviving with a loss of income
If you have additional questions or if youre ready to begin your estate planning, consult with a qualified estate planning attorney.
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