There is a common misconception that aspects of estate planning such as creating wills and trusts are only for the wealthy citizens among us. Yet, the truth is that everyone should complete the estate planning process with an experienced attorney to protect their interests and those of their relatives. Here is what you should know about the importance of estate planning.
A Simple Definition of Estate Planning
Estate planning is the process of determining who will inherit your property when you die. Most people focus on accumulating wealth during their lifetimes. However, fewer consider allocating their property to relatives, dependents, and organizations after they have passed.
Why Should You Work with An Estate Law Professional?
Estate lawyers help people pass on their assets to relatives by securing and allocating property. Failing to complete the estate planning process can result in your assets going to individuals that otherwise may not have a claim to your property. There are several reasons why estate planning is critical. Here are four ways an estate law professional can help protect you, your family, and your loved ones.
Estate Planning Ensures That the Right People and Organizations Inherit Your Property
In films, you often see families fight over inheritance. Yet, this does not only happen on Hollywood sets. Instead, people passing away without establishing a claim to their assets using a will or trust is a widespread problem that can cause conflict between relatives.
By working with an estate planner, you can ensure that the people you want to inherit your property receive the assets you designate for them. That way, you do not pass your wealth to unintended beneficiaries and instead can direct property as you see fit.
An Estate Attorney Protects Assets on Behalf of Young Inheritors
It is not uncommon for adults to become parents later in life. One of the best ways to protect your children in the event of your untimely death is by designating a guardian for them.
Selecting guardians to look after your children while protecting your assets until they are of age can ensure that your wealth goes to your kids instead of a state-appointed guardian looking to take advantage of the situation.
It Limits or Restricts Inheritance Use to Protect Adult Beneficiaries
Children are not the only vulnerable citizens whose inheritance is at risk whenever an individual fails to plan their estate. There are also adult beneficiaries who might have disabilities, financial troubles, or other problems that you would like to protect.
In this case, estate planning is the best way to ensure that adult beneficiaries suitably use your property. An estate law professional will suggest clauses to add to your estate planning documents that will restrict how they use the assets they inherit. These clauses protect vulnerable adults from themselves and from those who would otherwise take advantage of them.
Estate Planning Prevents Disputes and Avoids Probate
Whenever an individual passes away, it is always a challenging and emotional time for family and friends. Yet, failing to complete the estate planning process results in a worse situation that leads to probate.
Probate requires courts to review a will and determine whether it is valid. It can take a significant amount of money and resources for the court system to distribute assets to inheritors. Additionally, money will also pay off debts and unpaid bills before the family receives their inheritance, so it is vital to establish the proper estate planning documents.
Start Creating Your Estate Plan with Handelin Law
Regardless of your financial situation, it’s always best to sit with an estate attorney to discuss how you want to allocate your assets to family and future generations. Discover how simple it is to protect yourself and your loved ones from estate disputes by working with Handelin Law. To begin the process, call us at (775) 882-8032 or book your appointment with an experienced attorney here.