Probate is the process by which a will is legally recognized, and an executor is…
You’ve spent your whole lifetime working hard and building up a diverse portfolio of assets. But what will happen to everything when you pass on? This is where estate planning comes in.
Estate planning is an umbrella term that refers to the process by which you arrange for the management and distribution of your assets after your death. Whether it’s setting up a will or a living trust, arranging health care proxies, or hashing out smaller details, this can be a complicated process. Nonetheless, having a comprehensive estate plan is the only way to ensure that your assets will be passed on to your loved ones according to your wishes.
The Advantages of Estate Planning
Here are 5 ways that estate planning creates a smooth transition:
- An estate plan prevents family conflict. If you should pass on without leaving a will or other documentation, it can lead to some messy conflicts between family members over what they deserve from your estate. Estate planning eliminates the uncertainty.
- An estate plan ensures that your loved ones will be provided for. Having a comprehensive will or trust will let you rest easy knowing that you have a plan in place to protect your children and other family members.
- An estate plan will help ensure that all your assets end up where you want them to. With proper estate planning, you know where all your assets will be going, and you don’t have to worry about them ending up in the wrong hands.
- An estate plan can help with the tax burden. Smart estate planning can help ease the tax burden your loved ones will face when they inherit your assets. Some creative maneuvering can help reduce estate and inheritance taxes.
- An estate plan can help ensure you will be taken care of, no matter what your health status. Part of estate planning that is often overlooked is filling out your health care documents. Such documents as your living will, and health care proxy will dictate who will look after you and your estate should you become incapacitated and issue directives for managing that estate.
While it’s true that estate planning can be a head-spinning process, having a secure plan in place is the only way you can rest easy knowing your family will be provided for after you pass on. Hiring an experienced attorney can make the process much easier and remove many potential headaches.
Contact The Law Firm of Christopher W. Dumm
To learn more about estate planning, do not hesitate to reach out to The Law Firm of Christopher W. Dumm. We have many years of experience when it comes to wills and trusts, and we can help you get some much-needed peace of mind. Give us a call at 417-623-2062 or fill out the form below to get started today.