The Importance of Preparing Your Estate

The Importance of Preparing Your Estate

February is a month that signifies love for many. While most associate the month with Valentines Day, you can express love beyond just romance. One way to communicate love to your family is by getting your estate in order. According to AARP, 6 out of 10 U.S. adults do not have a will. Whether you fall in that category or you just need to update your existing documents, now is the time to think about it.

One of the most important things you can do for yourself and for your family is to have a proper will in order. Being prepared ahead of time makes the process much easier later down the road. Setting up your estate planning eliminates questions, uncertainty, and hiccups that can occur when no plan is in place. In addition to eliminating confusion, there are many benefits of establishing a will ahead of time.

Guarantee Your Wishes Are Met
A will is a legally binding document and is the best way to insure that your desires will be carried out as you wish upon your death. The document, among other purposes, outlines how you want your estate to be handled, who is in charge of handling your estate, and outlines who receives any real estate and personal property that you own at the time of your death. A will reduces the risk of family arguments, and any questions that may arise if no estate planning had been put in place.

Minimizes Estate Taxes
Not only does a will illustrate your wishes and preferences, it also communicates your financial plans upon death. Having the money you want given to family, charities, or other recipients may reduce the value of your estate, and potentially lower the taxes that could be imposed on the estate.

Avoid a Lengthy Probate Process
All estates above a minimum threshold are required to go through the probate process, regardless if a will is or is not in place. Having a will in place can speed this up tremendously. The probate process is the procedure of the courts “administering your estate.” Having your explicit input on what you want given to whom can expedite this process, and will make clear your intentions to family members.
If you want to make a difficult time easier for your family and loved ones, begin your estate planning journey soon. Our team of trusted attorneys have years of experience and can successfully help you compose wills, trusts, healthcare powers of attorney, durable powers of attorney, living wills, revocable and irrevocable trusts that can impact Medicare planning, special needs trusts and more.

Contact our team to start the planning process today.

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February 01, 2018 in Schulz Stephenson Law Blog