Protect Your Family With Estate Planning
Nothing is more important than protecting your loved ones. We’re here to make estate planning less overwhelming and more accessible.
Everything You Need to Know About Estate Planning
What is Estate Planning?
Estate planning is the legal process that determines who gets your assets when you pass away. It can be as simple or complex as it needs to be. Your estate includes property, vehicles, possessions, investments, anything you own. Nearly everyone benefits from estate planning.
Why Is Estate Planning Important?
Covering both financial and emotional considerations, estate planning ensures your assets, privacy, and end of life wishes are respected. The end result is your loved ones avoid infighting and save money. It makes experiencing their loss easier for them and helps avoid probate court.
What Is Probate?
Probate is the legal process that happens when someone dies. It handles the validation and administration of your will. Probate is expensive, public, and time consuming. There aren’t any benefits to having your estate distributed via probate. Avoiding probate is the better way to go.
If You Have a Will, Are You Done?
There’s more to estate planning than drafting your will, although that’s a great start. For some smaller estates, a will may be all you need. Larger, more complex estates will likely need to look into revocable living trust. Determining your durable power of attorney, living will, healthcare proxies, and advance health care directives are also excellent ways to protect you and your estate.
When Should You Plan Your Estate?
It’s never too early to go through the estate planning process. It becomes more crucial when you have a spouse or children. Planning your estate isn’t a one-and-done activity. Any time you go through a major life event such as marriage, divorce, children, or step-children, you want to review your estate plan for updates.
Is Estate Planning Only for People With Lots of Money?
No! Estate planning is beneficial for estates of all sizes. Assets include anything you own from your vehicle and possessions to your home. Even the most modest estates will burden loved ones if not properly planned. Plus, part of estate planning includes directions for when you’re alive but unable to make medical decisions.
Why Estate Planning Is Important
Not only does estate planning protect them from the hassle of going through probate but also the expense of added taxation.
Part of estate planning is deciding who has guardianship of your children should they need it.
Making your wishes legally binding ensures you get the care you want should you be unable to speak for yourself.
As a small business owner, you want to ensure business ownership transfers seamlessly as you wish.
Your Estate Planning Checklist
| Take an inventory of your assets. Include everything. | |
| Decide how you’d like each asset distributed upon your death. | |
| Work with an attorney (us!) to write your will. | |
| Decide who will make decisions on your behalf if you’re alive but incapacitated. | |
| We produce your durable power of attorney document. | |
| If you need a trust, we create one. | |
| We create your advanced healthcare directives. | |
| Set an annual reminder to check back in and update your documents, if applicable. | |
| Relax, knowing you’ve taken care of your loved ones, even when you’re gone. |
Why Estate Planning Is Important
Frequently Asked Questions
Speaking with an attorney is ideal, yes. While there are do-it-yourself options, without an attorney’s approval, those documents may not hold up as intended. Unfortunately, no one would discover that until you pass away. LLCAttorney is attorney backed and approved, so you are speaking with an attorney about your estate planning needs. If, at any point, you have further questions, you can reach out. We’re here to help!
There’s no legal age for when people should start estate planning. The best case scenario is to start once you’ve become a legal adult. Most people tend to wait until they have amassed assets. That tends to be in their 40s or 50s. There's no universally "right" time. Key life events often prompt estate planning, such as getting married, having children, sarting a business, and approaching retirement. Starting earlier allows for more comprehensive planning and peace of mind. It's also wise to review and update estate plans periodically as life circumstances change.
Estate planning helps give you peace of mind. If you don’t have a large estate, you might think you don’t need estate planning. But you do! When you pass away, your family will be left in charge of any assets, however modest. Because estate planning includes determining who can make decisions on your behalf if you’re still alive but incapacitated, it protects your health. When you pass, estate planning protects your loved ones, children, and business.
Your will is one aspect of your estate plan. Other aspects include trusts, durable power of attorney, beneficiary designations, letter of intent, and healthcare power of attorney. Remember that some of these documents take care of decisions while you’re still alive but unable to decide for yourself.
Your last will and testament, also known as just your “will,” details your asset distribution upon your death. It can also include guardian designation for minor children. This is the cornerstone of your estate plan, but it’s not everything.
If you die without a valid will, it's known as dying "intestate." Your estate will be distributed according to your state's intestacy laws, which may not align with your wishes. The court will appoint an administrator to manage your estate. Your assets are then distributed to your closest relatives in an order determined by state law. Without clear instructions, your family members may end up in disagreements. They’ll spend unnecessary time, money and energy, compounding their grief.
