Estate Planning: Do You Need This Even If You Have a Will?
Do you have plans for what happens to your property after your death? Do you want that no one in your family will fight just because of the assets you have? Then, it is high time you go for estate planning. This planning works best if you want to give responsibility to someone who makes decisions when you are ill or unable to find a solution.
To start this procedure, you need to hire an estate planning attorney. The lawyer can suggest what to do and what is beneficial for you within the timeframe. Read on.
What Is an Estate?
Estate refers to properties, assets and money you have at the time of your death. This includes bank accounts, land and vacation homes, retirement accounts, stocks, life insurance policies and personal belongings.
What Is Estate Planning?
Estate planning is an umbrella term that contains several documents regarding asset distribution, health care wishes, pets, dependents and children's caring decisions. It is the safest way to determine what would happen to your assets after your death without causing any conflict or complications.
Why is It Important?
Estate planning is essential because this decision gives you various advantages. The following benefits are-
You can avoid hefty taxes
Protect your family
Reduce obstacles for your dear ones.
The estate planning attorney will help you to detect the crucial factors and make a checklist to build a sturdy foundation for your estate.
With the help of an estate planning attorney, you can reduce the emotional burdens while distributing the properties. In most cases, family members have conflicts between them if there are no clear instructions. Most importantly, estate planning eliminates the chances of going to probate court.
What Documents Do You Need to Pursue Estate Planning?
Keep in mind that every estate planning requires different documents, but some records are common.
1. Trust
Trust is a legal procedure or paperwork where the property holder can provide the responsibility to someone to hold assets for the beneficiary. There are various types of trusts in US law, especially in OKC; therefore, before making a decision, hire an experienced lawyer.
2. Testament and Last Will
In this document, you can include how the assets will get distributed and who will take care of your children and pets after your death. You can get further information from a will estate planning attorney near you.
3. Hire Estate Planning Attorney to Make a Living Will
This will is entirely different from other wills. Other types will determine what will happen to your properties and how they get distributed among the beneficiaries. But this is the only will that fulfills your last wishes for end-of-life treatment.
4. Life Insurance
Many people also include life insurance in their estate planning to help their dear ones to deal with funeral expenses, lost income and pay the rent. In some cases, people enroll this document to leave a legacy.
Put Your Planning in Our Hands
In general, everyone should consider this plan. Having a will may indeed provide solutions to problems, but estate planning comes with power of attorney documents, advance health care directives and beneficiary designations. Contact us at Reneau Law Group in OKC if you have any queries about this.
**Disclaimer: The above article does not imply a relationship between attorney and client, nor does it aim to provide any legal advice.