What is Estate Planning and How Our Law Firm Can HelpEstate planning is the process of preparing for the transfer of assets after an individual's death. It involves creating a comprehensive plan that outlines how assets will be distributed and managed. While it may not be a topic that many people like to think about, this legal planning method is incredibly important for a number of reasons.
- It can help to ensure that an individual's assets are distributed accordingly
- Help to minimize tax liabilities and other expenses
- It delivers peace of mind
Understanding Estate PlanningEstate planning involves more than just creating a will, as different legal aspects must be considered. The legal aspects of this type of planning may include beneficiaries, trusts, power of attorney, and more. Without a proper understanding of these laws, you may unintentionally fall into legal traps that could complicate the process and add unnecessary expenses to your estate. Consulting with an experienced attorney at Lacey Lyons Rezanka can provide you with the guidance you need to make informed decisions regarding your assets.
5 Components of Estate PlanningTraditional planning documents include the following: We can also assist with probate, trust administration, special needs, guardianship, and future care planning.
Wills and TrustsPart of estate planning is wills and trusts. Wills and trusts are the vital tools needed in order to ensure their assets are distributed according to their wishes. A will is a legal document that outlines how a person's property should be distributed after their death. A trust is another legal document that allows a person to transfer assets to a trustee, who then manages those assets for the benefit of the trust's beneficiaries. Due to the complexity of these documents, It's important to work with an experienced attorney to ensure that your estate plan meets your goals and needs.
Power of AttorneyPower of Attorney is a legal document that is part of the estate planning process that grants one person the authority to act on behalf of another person. This document can be used in various situations, especially when the person who needs assistance is unable to make decisions or take actions on their own. The importance of power of attorney lies in its ability to ensure that a person's wishes and best interests are protected, even when they are unable to advocate for themselves.
Living WillsA living will is a legal document that outlines a person's wishes for medical treatment in the event they are unable to vocalize their preferences when it comes to making medical decisions. A living will also take the burden off family members during such difficult times. Taking the time to create a living will during the estate planning process with one of our qualified attorneys brings a sense of peace to all those involved.
Beneficiary DesignationsWhen planning for the future, it's important to understand beneficiary designations. These choices determine who will receive your assets after passing away, such as the following:
- Bank accounts
- Life insurance policies
- Retirement plans
- And other assets