Thinking about what happens when you are gone or when you can no longer make decisions for yourself is a frightening. There are many tools to ensure that after you pass away or while you are incapacitated your care, the care of your children, and the future of your belongings are how you want them. Estate Planning is so much more than just a Will or a Trust, it is peace of mind knowing you and your love ones are cared for the way you want it. We can assist you in gaining that peace of mind.
A Will is the center stone of any estate plan. It ensures that your wishes regarding your belongings are followed and that your minor children are cared for by the individual you wish to have care for them when you are gone. A Will is the instrument utilized to appoint a guardian for your children, appoint an individual to oversee the dispersing of your belongings, and describe how you wish for your belongings to be dispersed.
In addition to a Will, many individuals wish to utilize Trusts to enhance their estate plan. Unlike a Will, a Trust is active and effective during your lifetime. A trust often allows for individuals to have more control over their assets and how they are distributed to beneficiaries. Often individuals wish to have their beneficiaries reach a certain age or maturity before they inherit, a trust allows this to happen while still making sure the beneficiary isn’t impoverished before they inherit. A trust is a tool, that if properly created, can allow an individual to qualify for government assistance, avoid probate, and allow for privacy that a Will does not afford.
Your Estate Plan is filled with complex legal documents and should be more than just a Will or a Trust, a proper estate plan takes into consideration your care while you are living. A proper estate plan should include:
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