Understanding the basics of estate planning is important for securing your financial future. If you’re thinking about starting your own estate, this guide will guide you through the essential components and provide a clear path to protecting your assets.
Trusts
Trusts offer a straightforward solution for managing your assets. Creating one allows you to specify who the trustee is, how you’re dividing your assets, and when each person receives their part of your inheritance. Trusts also offer the advantage of bypassing the time-consuming probate process, which may sometimes take years.
Wills
A will outlines your desires regarding the distribution of your assets and the care of any minor children. While these documents will be subject to probate, they provide courts with clear instructions to ensure your assets are distributed based on your final wishes. Without a will, your estate falls under the state’s intestacy laws, which might not align with your preferences.
Probate
Probate is a court process that validates a deceased person’s will. This process can be time-consuming and expensive, but it’s a crucial step if you don’t have a will and will ensure your estate is divided according to state law.
Start Your Estate Plan Today
An estate plan helps you secure your assets and provide for your loved ones. With proper preparation, it will save you and your family time, money, and stress. If you have any questions about estate planning, don’t hesitate to contact our attorneys for more information today.
