Estate planning is the process of planning for incapacity, death, and the distribution of your estate. While the topic of planning for your death or incapacity may not be a topic you enjoy discussing, it can be far more comforting for you and your loved ones to know that you have a plan in place rather than leaving it up to the state to determine what happens to your assets after your death, or who makes your medical and financial decisions in the event of incapacity.
Everyone over the age of eighteen should have at least some form of estate planning in place. Powers of attorney and advance care directives are important documents to start with. These documents will name someone to manage your finances and healthcare in the event of incapacity. A last will and testament can be implemented to name a guardian for minor children, as well as distribute your property to your intended beneficiaries. A revocable living trust can be set up to hold property and pass that property to your heirs without the necessity of a court process.
Estate planning is not an event that happens once and then you are set for life. Estate planning is planning for the future and should be reviewed every few years to insure your plan still makes sense. As your life changes, your estate plan should grow with you. You may start out as a college student with a power of attorney and advance care directive. As you get older, get married, have children, or purchase a home, a last will and testament or revocable living trust can be added to your original plan. These documents will allow you to name a guardian for minor children and/or designate certain people to receive your home and property when you pass away. Thirty years ago, you may have created a will to name a guardian for your minor children. However, today your children may be adults with families of their own. Not only is it important for you to have an estate plan in place, it is also important for your children and grandchildren to have an estate plan. An estate plan can be a great gift for children and grandchildren to help them plan for their future.
At Lodestone Legal Group we are here to help with all of your estate planning needs. If you are interested in setting up a free initial consultation to further discuss your particular situation or if you have any questions, please give us a call at 615-807-1240 or contact our estate planning attorney directly at firstname.lastname@example.org. We look forward to working with you!
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Post Authored by: Brittney R. Mulvaney