Because we all will eventually die, estate planning is one of the most important steps anyone can take. Proper planning for your estate ensures that your final property and health care wishes are honored, and can also provide for loved ones when you are gone. Though often disregarded or passed by in favor of more immediate concerns, a comprehensive estate plan can answer many of the questions we all ask whenever someone dies:
- Who gets my estate and when?
- How can I make sure my children are taken care of when I die?
- How can I help my children with their educations or other needs after I die?
- How can I make sure my assets don’t go to my children’s spouses or creditors?
- How much tax will need to be paid in order to transfer property ownership?
- How can I ensure my wishes are respected in regards to my funeral arrangements?
If you have ever considered these or similar questions, contact David Bindrup Law Firm today for a complimentary consultation with an estate planning attorney who can help you address these concerns.
What is an “Estate”?
Your “estate” consists of all of your property and possessions owned by you at the time of your death. Your estate encompasses all of your assets, including Cash, Bank Accounts, Stocks, Bonds, Securities, Life Insurance Policies, Real Estate and any Personal Property, such as jewelry, cars, boats, and artwork.
How Can an Estate Plan Help Me?
Regardless of your age, or the size and complexity of your estate, an estate plan is important for everyone. An estate plan allows you to decide who receives your property and possessions after your death. It will also aid in transferring your property and possessions to those you have designated as quickly and easily as possible.
Estate plans can minimize or even extinguish the taxes required to be paid after your death
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and before your assets can be transferred to your loved ones.
When you utilize certain estate planning devices, like a living trust, your estate plan can avoid probate, which will save your loved ones time and money after your death. A Power of Attorney for Health Care Decisions and a Living Will can ensure your health care and end-of-life decisions are respected when you become incapacitated, while a Power of Attorney for Financial Decisions allows you to appoint someone to manage your finances when you become incapacitated.
Understanding the wide variety of estate plan options and determining which options best meet your needs, goals and objectives can be overwhelming. David Bindrup Law Firm can help educate and explain the various estate planning devices and assist you in customizing your estate plan to accomplish your needs, goals and objectives. Contact David Bindrup Law Firm today to schedule a free estate planning consultation.