Planning ahead of time for life events like vacations, relocations, and weddings allow for a more organized and stress-free time when the event is in progress. If you do this routinely for other life events, why don’t you consider doing the same with estate planning? Everyone has an estate that needs consideration, no matter how big or how small. If it’s left to be handled by those left behind, your wishes may not be carried out.
What is Estate Planning?
Hiring an estate planning attorney, like an estate planning lawyer in Memphis, TN, to organize your assets and intentions is one way to provide a less stressful transition, not only for you, but for your loved ones, as well. Estate planning is advance preparation that determines how you want your assets handled. This might include bank accounts, personal property, insurance policies, retirement investments, and financial investments.
It is critical to know that estate planning is not just meant for those of retirement age. It can be done at any time in your life. Life is full of surprises, both pleasant and unpleasant, and you never know what the next hour, day, or week will bring. The most effective course of action is to prepare and plan ahead. Having your records organized, your estate plan in order, and everything in place can help to ease worry and promote peace of mind. An estate planning lawyer can provide these services.
What Can an Estate Planner Help With?
Estate planning could help with the any of the following and more:
- Creating your will or trust
- Naming a guardian for living dependents, such as minor children
- Appointing an executor of your estate
- Naming beneficiaries on your insurance policies and investment plans
- Designating and defining a durable power of attorney
- Making funeral pre-arrangements
- Minimizing taxes you or your estate will owe when transferring your assets
- Establishing a plan for your company’s future by planning for business succession
No matter how simple or complex the estate, the goal ultimately is the same—to ensure personal and family objectives are met and to minimize tax liability. If you do not have an estate plan upon your passing, the state will step in and force their plan for your family and business associates. Estate planning is your optimal way of protecting your loved ones and your business interests.
Estate planning attorneys are experienced professionals with an in-depth understanding of the state and federal laws regarding estates. They can confer with you and craft a plan for your specific needs, taking into account and addressing everything that is of concern for you.
To start your personalized estate plan, contact an estate planning lawyer in your area to get started today. Each plan is tailored to your individual needs, whether you have a young family and are just beginning your lives together or are an affluent business executive who is concerned about the succession of the family business. If you have an estate plan in effect, don’t forget to review and update it as your circumstances change over the years.
Thanks to Patterson Bray, for their insight into some of the benefits of estate planning.
Questions about estate plans in Texas? Contact us today.