An Estate Plan is for people of all ages. It is important to be proactive by getting your legal affairs in order. Also, it is important to adapt your estate plan as your life changes.
Leaving a legacy is very important for most people. However, many don’t always know exactly what’s needed to make this happen. Oftentimes, simple estate planning may need to be updated as your life changes.
Having an estate plan includes much more than a Will. At Kane & Crowell, PLLC, we understand estate planning may also mean, Durable Financial Powers of Attorney, Durable Health Care Powers of Attorney, and Advanced Directives (Living Wills). As well as, Wills, Irrevocable Trusts, and Revocable Trusts.
Having your affairs in order is important for a number of reasons. First, it allows you to have control over what happens to your assets after you pass away. Without an estate plan, your assets may be distributed according to state law, which may not align with your wishes. Additionally, planning can help minimize tax liabilities and avoid probate, which can be a lengthy and costly process. It also allows you to make important healthcare decisions and who will make decisions on your behalf if you become incapacitated. Overall, this preparedness is a crucial step in ensuring your wishes are carried out and your loved ones are taken care of after you pass away.
It’s our focus to ask the important questions you might not think of. Answering these questions will help you:
(1) Name the correct person(s) to make financial and healthcare decisions when you are no longer able.
(2) Consider how you will manage digital assets.
(3) Decide who will provide for minor children.
(4) Prepare your estate for wealth transition after death.
(5) Ensure your property goes to whom you expect
(6) Protect your estate from creditors.
To many people, obtaining a thorough estate plan can be complicated when considering everything involved. However, our attorneys are experienced in Estate Planning Law. We look forward to helping you develop a proper estate plan or update your current. Our purpose is to help you achieve your goals. If you have questions, please contact Kane & Crowell, PLLC today at (615) 784-4800.