Creating an estate plan is one of those ‘”must dos” in life; everyone knows that they need to do it, but very few follow through. It is much like the decision to learn how to play a musical instrument or to learn to speak a foreign language that most of us never quite get around to, despite our best intentions. However, the impact of not being able to play the right guitar chords or order a pastry in French is relatively minor compared to the potential consequences of leaving your family to navigate the aftermath of your death or incapacity without a clear plan in place.
If you die without an estate plan, your assets may be distributed based on the intestacy laws of the state, and subjected to probate court, which can result in significant expenses, added stress, and lengthy delays. In addition, your family will experience additional emotional and financial strain as a result of having to handle your affairs while mourning your loss.
By making an estate plan, you show your family and friends that you love and care about them and want to make sure they are taken care of properly after you die. The good news is that estate planning is much easier than you’d think with the right law firm helping you, but even if it weren’t, isn’t your family worth it? To get your estate plan started, make a free, no-obligation office, phone or Zoom video meeting to learn about the different options available to you.
What Does An Estate Plan Involve?
Estate planning can be as simple or as involved as you want it to be. You can have an estate plan involving a will and a durable power of attorney, or you can have a more complex estate plan with various trusts and other legal documents. It all depends on your goals, the size and complexity of your assets, and your family structure. If you have more sizable assets, own a business, or have a variety of investment accounts, your estate plan will be more complex and require multiple legal documents to ensure that everything is handled properly.
Estate Planning Tools and Strategies
Here are a few important documents that should be included in your plan and are essential for estate planning.
- A will: You can use a will to name who gets what property, who will handle the estate (an executor), what to do with money owed to you at the time of your death, and even who may inherit property upon someone else’s death. You will want to include instructions about whom you wish to care for your minor children in the event of your death, who should take care of your pets, or even what should be done with your digital assets, such as your social media accounts, online storage accounts, and any other internet-based assets belonging to you.
- A power of attorney: A power of attorney is a legal document that authorizes someone to make decisions on your behalf about your medical care, your finances, or your property if you are unable to do so. This can be someone close to you that you trust, like your spouse, or your child. The power of attorney might give broad discretion or may be more limited in scope.
- A trust: Trusts play a vital role in estate planning, serving multiple purposes. Through the use of a trust, you (the grantor) names a person or organization as a trustee to administer trust assets and distribute them to your specified beneficiaries. Giving assets in this manner avoids probate, keeping your affairs private. Trusts also protect your assets from creditors and provide limited tax relief, since you no longer “own” the assets in the trust. Lastly, when it comes to distributing assets, trusts offer control and flexibility that few other estate planning tools can.
- 25 Documents & Services: We prepare all your documents, such as wills and trusts, healthcare directives such as living wills and powers of attorney, so nothing is overlooked. Read about the 25 documents & services you get if we prepare your estate plan or watch our video explanation of the contents.
KEYTLaw, LLC. – Let Us Put Our Experience To Work For You!
As with everything, the more you do it, the better you get at it. At KEYTLaw, we have been doing estate planning for decades and are not ashamed to admit that we have gotten pretty good at it! You may be tempted to try to handle your estate planning on your own, but the truth is, it is not as easy as it seems without legal experience. We just make it look that way!
Our Glendale estate planning lawyers are dedicated to giving you the best possible individualized legal services so that your estate plan is customized to meet your specific needs. Over time, as your estate plans evolve and life circumstances change, you can count on our continued support to help you keep your plan current and up-to-date. There is a great sense of satisfaction in having done the right thing for your family. We can provide you with the confidence that your family will be protected and that your estate plan will do everything that you intend for it to do. We encourage you to visit our website and discover the multitude of positive reviews we have received throughout the years, along with the extensive range of services we offer to our valued clients. Give us a call today to schedule a free initial consultation and allow our Glendale estate planning lawyers the privilege of putting our experience to work for you.