Estate planning is a process that involves you, your family, your assets, and your future. When you embark on the process of estate planning with an attorney, you can make decisions about how your assets-big or small- will be managed during your lifetime and after. You can also make decisions on how you would be taken care of, if you are incapable of doing so yourself. The entire process of estate planning is done with YOU in mind, and the circumstances of your family.
There is a misconception that if you don’t have millions of dollars in assets, you do not need an estate plan. The truth is, everyone that has an estate can benefit from an estate plan. Your estate is comprised of everything you own— your car, home, other real estate, checking and savings accounts, retirement accounts, investments, life insurance, furniture, personal possessions. You can determine what happens with some of these assets during your lifetime by creating a Revocable Living Trust, which you can change at any time during your lifetime.
A good estate plan can prepare you and protect your family in case of unexpected circumstances, such as disability, and the need for health care decisions, personal care decisions, tax implications, and financial and business planning. You can also nominate guardians for your minor children, and plan for their future.
Think of it as contingency planning for your life. While you are healthy, you remain in control of your own decisions and finances. If you become seriously ill or are injured, you may need someone you trust to be responsible for managing your finances until you recover. You may also need someone to make decisions about your medical care. If you can’t take care of your children you need someone you trust to do that too.
Most importantly, a well drafted estate plan will allow you to pass your assets to your loved ones without the costs, delays, and publicity associated with probate.
We will explain what is involved in the process of estate planning and answer your questions, so you can make an informed decision. With Madaan Law, you can take comfort knowing that you have planned for the long-term security of your legacy.