Often, people think of estate planning as something for only the wealthy and the elderly. This is not the case. Estate planning should be done at many different stages of life. It is used as a protection of any and all of the assets someone accumulates throughout their life. Getting married, having children, and purchasing a home are important times to consider estate planning. Even having investments, saving accounts, and personal possessions should warrant a plan for the future. Whatever the situation you are in, Whatever the situation you are in, consulting with an estate planning attorney will bring you peace of mind for your future and your family’s future.
Estate Planning is Important in All Situations
If you do not have an estate plan in place when you die or become incapacitated, the assigned probate court will make the decisions about your assets instead. These decisions include appointing a conservator that will handle all of your assets and appointing a guardian that will make healthcare decisions and living arrangements for you should you become incapacitated. Completing the estate planning process will deter the probate court from making these decisions for you. Instead, you will make your own decisions about the future of your assets and living arrangements.
Importance of Estate Planning
Without an estate plan in place, the probate court will make decisions about the distribution of your assets based on the guidelines of the probate laws rather than your wishes. If you have minor children, one of the decisions the court will make is who should raise them in the event of your death. Not having an estate plan could lead to a family or legal dispute with your children at the center. Having a legally binding estate plan in place will prevent these disputes and give you peace of mind knowing what will happen to your minor children should such an event occur.
Estate planning will give you peace of mind. Your wishes will be carried out in the event of disability or death. The loved ones you appoint to make decisions for you know you best and will act in your best interest. Probate courts do not have the same capability or knowledge as your loved ones do. Your wishes will be carried out after your death as well. Having an estate plan in place will ensure that your loved ones are taken care of the way you want them to be after you are gone. Estate planning will make you feel comfortable and confident about the future.
Worry Less About the Future By Estate Planning with an Experienced Elder Law Attorney
If someone does not have a legally binding will filed when they die, the family must file the probate intestate and must follow the law determining the distribution of assets and creditor payment. The probate court will decide what will happen in these cases. Contacting an estate planning attorney can help to avoid the messy court processes and potential confusing disputes that could take place.
Protect your assets
Estate planning is an important issue that should be addressed by everyone. Attorney Paul Jeddeloh is ready to help you with all of your estate planning needs. Contact Paul today!