Clinton Estate Planning Lawyer
Many people do not think they need an estate plan because they are young or they do not have a significant amount of property. Truthfully, all adults have an estate and if you do not plan for yours, it can greatly complicate matters for your loved ones in the future. Additionally, an estate plan does not only benefit your heirs after you pass away, but it also has advantages for you during your lifetime. Below, our Clinton estate planning lawyer explains who needs a plan and what to include in yours.
Who Needs an Estate Plan?
It is a common misconception that estate planning is reserved for the wealthy. If you have loved ones that you want to protect after you are gone, it is critical that you plan for your estate. If you want to retain control over important decisions regarding your health and finances in the future, estate planning is also very important. Even if you do not believe you have a great deal of assets, estate planning can help you protect your legacy.
What to Include in Your Estate Plan
There are many different elements to include in your estate plan. The most important of these include:
- Wills: Your will is the foundation of your estate plan. It dictates how your property is distributed after you pass away, names guardians for your minor children, as well as the executor of your estate. If you pass away without a will, your property will be distributed according to the intestacy laws of the state.
- Trusts: A trust is a legal document that can hold certain property, protecting it from the probate process. You can manage the trust, and the property in it, during your lifetime and name a trustee to take over this responsibility upon your death.
- Health care directive: Many people have strong preferences regarding their end of life care. You may not want to be placed on life support, and you may want to avoid other heroic health care measures. A health care directive can state these preferences so you can rest assured that your final wishes will be fulfilled.
Your estate plan should also include a succession plan for your business, arrangements for your pets, and your preferences regarding your funeral arrangements.
Why Work with a Clinton Estate Planning Lawyer?
With so many DIY forms and templates available today, many people do not think about working with a Clinton estate planning lawyer. Unfortunately, not taking the necessary steps to ensure your estate plan follows state law can leave it open to challenges. It may also mean that your family will have to go through a long and expensive probate process. A lawyer will advise on the ways to avoid probate, and make sure your property and loved ones are properly planned for.
Call Our Estate Planning Lawyer in Clinton Today
At Fox, Farley, Willis & Burnette, our Clinton estate planning lawyer can help you draft a strong plan that takes care of your needs, as well as those of your family. Call us now at 865-457-6440 or contact us online to schedule a consultation.
