Why You Should Care About Estate Planning
As individuals mature and gain more personal assets, one of the most important things to consider is estate planning. What is estate planning? It is the process of making a plan in advance on how your estate will be handled and disbursed after you die. Nearly everyone has an estate of some sort, and it is comprised of everything you own- your home, personal possessions, checking and savings accounts, and many other assets. If you have minor children, it also includes planning the guardianship of your children. In order to make sure you control where your possessions go when you pass, it is essential to discuss estate planning with an experienced estate planning attorney.
What Happens if You Avoid Estate Planning?
If you handle the plans for your own estate, you control what happens to your assets. If you do not, the state typically handles the distribution or resolution of your assets. This is handled in different ways depending on the state, but when done this way, it is often expensive, time consuming, and handled according to the preferences of the court. If you have minor children, the court controls their share of assets and who is going to raise them. So that leaves the question for anyone with personal assets: Would you rather control where your belongings go and whom they go to, or would you rather all of it be locked up in courts, with the state controlling where your things go? And wouldn’t you rather choose who raises your children?
Why Hire an Estate Planning Attorney?
After deciding to pursue estate planning, one may find that there are forms online that can simply be filled out and filed. It seems easy enough, right? However, think about what can happen if something is filled out wrong or left out. This can cause serious legal issues that may cause fighting amongst family members, and potentially tie up assets in court for years. Attorneys are here to make sure all aspects are covered, and can also answer questions you have about the process. As discussed in the video, not consulting with an attorney can lead to many unresolved questions or claims, which can lead to assets being tied up for years, fighting amongst loved ones, or your assets being distributed in a way you don’t want.
If you have questions about estate planning, or would like to get started on the process, contact Johnson & Vines today. We can help you understand your options in your particular situation, and help you secure the future of your estate. Contact us today to learn more.