Since estate planning attorneys are deeply involved in the intricacies of the field, they sometimes forget that many people don’t really understand what is involved.
That’s why it is usually good to review the basics. An article on cheatsheet.com does just that.
Estate planning zeroes in on you being able to provide for your family after you are gone. It is a legal term for deciding what to do with your stuff after you have passed away.
Reasons why it is important include the fact that you, not friends or relatives, get to decide what happens to your money and possessions. In addition, it makes it easier for your family to get through the grieving process by reducing the stress of fairly dividing your assets.
If your estate is subject to taxes, an estate plan can help reduce or eliminate those taxes.
First, you need a will that spells out how you want your assets divided. It also calls for appointing a guardian for minor children. You may also want to establish a trust for them to they don’t get all the money at once.
For the will to be executed, it must go through probate. This takes time. However, you can shorten the process by establishing a living trust. This prevents your private business from being made public.
So, those are the basics. To get more information, consult with Becky Cholewka at Cholewka Law
