What is Estate Planning?
Estate planning is an important investment. It provides a financial plan for the loved ones you leave behind. Estate planning includes the preparation of a Last Will and Testament. This legal document represents your final decisions regarding how you want your estate to be distributed. Last Will and Testaments are filed with the probate office. For many persons, estate planning may seem overwhelming or may even seem unnecessary. If you are a parent and have young children at home, deciding who could take your place as the children’s guardian is a difficult task. Choosing the right person who can care for your children in the event you were not there requires serious thought and planning. Many young people also believe that just because they do not have significant assets, they may not need any estate planning. This is also not true.
Have you thought about the selection of the personal representative for your estate? The personal representative is often referred to as the executor. This is the person that you designate to oversee your Last Will and Testament and proceed through the probate process. Estate planning provides a plan for your personal representative to distribute your assets to those you designate as beneficiaries. Your estate may include personal property and real estate depending on how your assets are titled.
Estate planning at Golden Key Law Group also includes discussions involving financial and medical power of attorneys, living wills and trusts. When you call Golden Key Law Group, our attorneys will advise you on whether your estate planning should include a trust versus a will. We discuss with you the pros and cons of a living will versus a health care power of attorney. In the event that your Last Will and Testament needs to be filed, our attorneys are able to assist you with the probate process from start to finish.
Why is Estate Planning Important?
At Golden Key Law Group, we make estate planning easy to understand and affordable. We provide you with an overview of the estate process. We explain the steps necessary to take for estate planning, and the various roles of a guardian, heir, beneficiary, personal representative and attorney. Assets can be titled jointly or individually. Depending on how assets are titled will also determine whether the asset become part of the estate.
Not having an estate plan leaves your loved ones with additional burdens of making tough decisions and may result in family litigation. Without a will or a trust, some of these decisions are left for the state to decide. Regardless of the size of your estate, you should personally make these decisions.
Please call us for an initial consultation.