Estate planning is doing all of the necessary things to prepare for how assets will be passed on in the unfortunate event that someone passes away. This means writing a will and laying out all of the necessary information regarding wealth and assets. It’s also the document that can designate a guardian to take care of children who are not at the age to care for themselves legally. Estates vary in size from small to large but it’s important that no matter how much wealth someone has that they write a will and do a proper estate plan.
Why Hire an Estate Planner or Estate Planning Lawyer?
Many people turn to professionals for help. This is to ensure that no crucial steps or information have been overlooked. It’s important that a secure estate plan is drafted and set up so that those who have been designated to receive assets will do so. When a will or estate plan is not drawn up and established it can lead to varying degrees of difficulties with who receives what assets and who will take care of non-adult children. There are many documents that also have their own stipulations that need to be submitted to the proper authorities. An estate planning lawyer from a law firm like Yee Law Group, PC knows where to submit documents and also knows the timelines involved with doing so. Having a strong legal resource on your side is important to doing an estate plan correctly.
What All is Considered Part of an Estate?
When many people hear the word ‘estate’, they think of large amounts of wealth, properties, and other means of financial power. This is however not the reality. An estate can be small with only a little bit of assets and cash or it could be large in the millions of dollar range and above. Regardless of what financial means a person has an estate can have:
- Life insurance
- Stocks and bonds
- Money and banking accounts
- Collectible items
- & more
Even if you only have one of the above-listed things it’s still important to have a proper and detailed estate plan. The assets and things that you have worked for in life should be handed over to people you love and trust. Consider reaching out to an estate planning lawyer in your area to assist with your estate plan.