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Importance of Estate Planning

Planning for the future can be a daunting task considering all the time and energy that must be spent going through your finances and assessing your assets. As you are probably already aware, planning ahead for the future is an essential part of every individual's life. An attorney at Price Law Group can assist you in creating a comprehensive estate plan that will provide you and your family with the coverage needed should something happen to you or another family member. Our skilled attorneys will work closely with you throughout the entire estate planning process so that you will not have to worry about your future and the future of your family.

Estate Planning: The Basis

Everyone has an "estate." Whether you realize it or not, all or your belongings – your home, real estate, checking account, savings, cash, investments, insurance policies, possessions, etc. – are part of your estate. In short, your estate is the sum of your physical and financial assets. What does estate planning involve? Basically, estate planning establishes who will be in charge of your estate when you die. Estate planning might include writing a will, gifting, and other legal matters involving your possessions and passing them on to someone else when you die.

Do you want a portion of your estate to be given to specific person or donated to a certain organization when you die? Estate plan ensures that your financial wishes are carried out after you die. Death is natural and universal; estate planning isn't just for the wealthy or elderly – it's for everyone. Estate planning involves making a plan so that you can rest assured that your estate will be handled properly and according to your wishes after your death.

What Makes a Good Estate Plan

A good estate plan doesn't just involve passing on your money and possession; a valuable estate plan might involve passing on your values, too. When you plan your estate, you can include instructions for your care if you become severely disable before passing away. If you have children, you may name a guardian to take care of them in the event of your death. Although each state has specific inheritance laws, these laws may distribute your assets as you want them to be dispersed.

Today, many people neglect estate planning, putting it on an immaterial list of "things I'll do at some point in the future." Estate planning isn't a one-time event, though. It is a process. You may establish a will and then change your financial plans in the future. For instance, if a specific person or organization influences your life in a particular way, you may decide to rearrange your estate so that a charity receives some of your estate when you die.

What happens if I don't plan my estate?

Every state has different laws to determine how your assets will be divided. Formally called "probate laws," these laws will most likely pass on your belongings to your close relatives. If you are married, you spouse will probably receive the largest share of your estate. Next, you children will receive some of your assets, too. Depending on the number of children you have are your marital history, your spouse may only receive a fraction of your estate if you die without writing an official, legally valid will. Without a will or living trust, your estate will be handled by the government – not your close family and relatives.

Wills and Living Trusts

Too many people don't know the difference between a will and a living trust. Sin some ways, they are very similar. In the event of your death, your estate will enter probate. Probate refers to the legal process of arranging your estate and passing on your possessions as outlined in your will or required by state law. Living trusts (unlike wills) do not necessitate probate. A living trust may be used to hold money for young beneficiaries until they are old enough to claim their inheritance.

Unlike a will, living trusts can help your estate avoid court interference when you die. Although living trusts may be more expensive to establish than an official will, they are worth considering. For more information about estate planning, wills and living trusts, contact an attorney from Price Law Group. Our team of legal professionals is ready to help you plan for the future and give you peace of mind.

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