The Importance of Estate Planning
While no one likes to think about their own mortality, estate planning is a critical step that everyone should take to protect themselves and their loved ones. Estate planning allows you to control what happens to your assets after you die, and can help minimize the financial burden on your family. The estate planning attorneys at Hegwood Law Group have some insights to share below.
What is Estate Planning?
Estate planning is the process of creating a legal document that outlines your wishes for what will happen to your assets after you die. This document, called a will, can specify exactly who will inherit your property, as well as when and how they will receive it. If you die without a will, state law will determine how your property is distributed, which may not be in accordance with your wishes.
In addition to specifying who will inherit your property, a will can also designate a guardian for any minor children. If you have young children, this is an important consideration, as you want to make sure they are taken care of by someone you trust in the event of your death.
Why You Need a Will
While many people believe that they don’t need a will because they don’t have many assets, this isn’t always the case. Even if you don’t have a lot of money or property, a will can still be useful in appointing a guardian for minor children and ensuring that your belongings go to the people you want them to.
If you die without a will, the state will decide how your property is distributed. This means that even if you only have a few possessions, the state could end up giving them to someone you would not have chosen yourself.
In addition, if you die without a wills attached inventory list then things could get messy for your loved ones as they try to sort out who gets what. A wills lawyer can help ensure that your estate is properly divided and that there are no fights among family members over who gets which items.
Creating a Will
Creating a will is not as complicated or expensive as many people think. A lawyer can draft a basic will for you for around $300-$500. If you have more complex needs, such as setting up trusts for minor children or disabled relatives, the cost may be higher. However, this is still much cheaper than letting the state decide how to distribute your property.
The estate planning process
The estate planning process typically involves meeting with an estate planning attorney to create a will. During this meeting, the attorney will ask you about your assets and who you would like to inherit them. They will also ask you about any minor children you may have and who you would like to appoint as their guardian in the event of your death.
After drafting your will, the attorney will provide you with a copy for your records. It is important to keep your will updated as your life changes, so be sure to update it whenever you purchase a new property or have a child. You should also keep it in a safe place where your loved ones can easily find it.
While a will is the most important document in an estate plan, there are other documents that can be used to supplement it. These include trusts, powers of attorney, and advance directives. Your attorney can help you determine which of these documents are right for you and your family.
The estate planning process may seem daunting, but it is an important step in protecting your loved ones. An attorney can help make the process easy and ensure that your wishes are fulfilled after you die.
Estate planning may not be something people like to think about, but it’s important nonetheless. Creating a will is relatively simple and inexpensive, so there’s no excuse not to do it. Protect yourself and your loved ones by creating an ironclad estate plan with an experienced estate planning attorney as soon as possible.
