Estate planning is one of those things a lot of people don’t really ever stop to think about and therefore, it doesn’t ever get done. In still other situations, it is fairly apparent that it needs to happen, yet the individuals involved believe that they have more time to work on it than they might actually have. In either case, it can cause problems later on down the road for individuals who fail to plan now.
The truth of the matter is that if adequate estate planning does not occur, your true intentions may not be carried out. Therefore, there are a lot of important things to consider and there are even more reasons why it is important to start now. Regardless of the size of the estate in question, it is necessary that a certain amount of planning occur ahead of time. This allows you to preserve your intentions and protect your loved ones. If you still don’t know where to start, let us help you, as we can walk you through the entire process from beginning to end.
Estates of All Sizes Are Important
If you have a very large estate, you probably already know how important it is that estate planning be something that you handle as quickly as possible. The bigger problem occurs when people have very small estates and they don’t do any planning at all, largely because they don’t think they need to. Even if your estate only consists of a modest house and a small piece of land, it is still important that you speak with us about doing some planning. It really isn’t about the size of your estate at all. It is about considering all of the reasons why it is important that you allow us to help you plan your estate in the first place.
The Importance of Estate Planning
Why is this so important? In a nutshell, you don’t want any unpleasant surprises to happen after you or your spouse passes away. Unfortunately, that is exactly what happens when people fail to plan their estate. You would never want your spouse to be left in a situation where they are forced to move out of the house or encounter financial difficulties because of something that happened surrounding the property. The last thing your loved ones need is to have additional challenges placed in their path at a time when it takes everything they have to get through each day.
Things to Consider
You will obviously want to consider things like how you want your estate to be divided up and what you want it to be used for. Are you interested in having part of it used for a college education for children or grandchildren? Do you want some of your estate to go towards charity? Do you want it to stay in the family or would you prefer that it be sold and have your own children divide the money up?
As you can see, there are a lot of things that have to be considered. More importantly, they must be considered from a legal perspective. If you want your wishes to be maintained, they have to hold up in a court of law. This is where we can help, as we can ensure that everything is laid out according to your wishes and that there are no legal loopholes that might dramatically change things after you are no longer able to defend those wishes.
In the end, it is all about protecting your loved ones. That is the entire reason most people decide to participate in estate planning in the first place. It can be a long and arduous process if you don’t know exactly what you are doing. That is why we are more than happy to help walk you through the entire process. Contact the estate planning attorneys at Lowthorp Richards at 805.804.3848.