Estate planning is one of the most important steps that you will take in life to ensure that your final wishes for health and property are honored and that your loved ones are provided for following your death. With estate planning, numerous questions are answered and problems resolved.
A common misconception is that estate planning is only for wealthy people or people who are nearing retirement or already retired. In reality, every person has an estate, some small and simple and others large and complex. An estate is comprised of all personal property owned, including automobiles, real estate, life insurance policies, stocks/securities, furniture, artwork, jewelry, checking and savings accounts, investments, and other personal property. This is why estate planning is important for everyone.
With an estate plan, your loved ones will have clear and legal direction regarding your wishes for personal property, finances, taxes, funeral arrangements, and more, after your passing. To ensure that your wishes are carried out, specific instructions are provided in the estate plan.
Seeking Legal Advice
By working with Dan L. Claiborne, numerous things will be accomplished, regardless of your age or the size and complexity of the estate:
- Family members and other loved ones to whom you want to leave property after your death are identified
- Property is transferred to loved ones identified in a timely manner and without major hurdles
- Court costs and taxes are minimized and unnecessary legal fees avoided
- Various estate planning devices are used, including “payable on death” bank accounts and living trusts, to reduce both cost and time associated with the probate process
- Life-saving and life-prolonging medical care decisions are made should you become incapacitated prior to death
- Funeral arrangements are arranged
- Expenses are paid as dictated
Good estate planning goes beyond making a plan and naming specific people to receive things left behind after your death. Dan will ensure that your estate plan works in your favor by including many additional things such as:
- Instructions for passing on your values of education, religion, and hard work
- Guardianship of any minor children
- Instructions should you become disabled before passing
- Provisions for loved ones with special needs but without disrupting benefits received from the government
- Transfer of a business upon retirement, disability, or death