The law gives each and every one of us the opportunity to protect and distribute our property in the way we best see fit through the establishment of an estate plan. Unfortunately, millions of people pass up this important opportunity because they think they don’t own enough or make enough, or they simply don’t know where to start.
The law actually requires that you leave instructions as to who gets your belongings and assets when you pass away, otherwise the state will decide for you upon your death. Known as probate, the process can be grueling for family members left behind and almost never results in your assets being distributed in the way you would have liked.
An estate plan is made up of multiple important documents, each carefully chosen for your specific needs and goals and drafted with the help of your attorney, and it’s available to anybody, no matter how much or how little you own.
Some estate planning documents allow you to choose what sort of care you want to receive in the hospital in case of a serious injury. Others can set up trust funds for your children or provide instructions for their guardianship in case of your unexpected passing. Still, others can provide directions for who will inherit the family business and when, or what charities you want to give to.
Moving beyond the basic will, a proper estate plan might also include a living trust, advance health directives, and more. And it’s never too late to start. From 18 to 85, it’s never a bad time to start putting your finances and affairs in order.
Setting up an estate plan isn’t just for the rich, but it shouldn’t be taken lightly either. To find out more, read on or contact the experts at Vokshori Law.
