Wills and trusts are crucial to achieving your estate planning goals. Not only do they just allocate your property to friends and family. It can also dictate how or if you are cared for at the end of your life. Also can help your family from spending money on unnecessary court costs and taxes. Here are some other reasons on why you need to get a will and trust in place today.
Appointing Legal Guardians
If you have minor children, a will or trust can instruct who will have legal guardianship of your children if you and the other parent happen to pass away at the same time. If you have people you would prefer the children to go to, or alternatively, someone you would not feel comfortable them going to, you can specify it in your estate plan.
Prevents Intestate Succession
When you die without a will or trust, state laws known as “intestate succession laws” will decide which family members will inherit your estate and in what proportion. You will not want the court to make those types of important decisions on your behalf. There also will be hefty court fees in having the court make that determination.
Prevents Family Conflict
Confusion surrounding the division of an estate can cause some terrible family conflict. If you create a clear estate plan then your family and friends can see clearly what your intentions were. While this always doesn’t prevent it, it certainly helps.
Talk to An Attorney
An attorney can help you in putting together an effective estate plan. When you find an attorney that you would like to work with, they should walk you through each step in the estate planning process. You will address financials, your medical wishes, specific assets, and how to put everything in place.