When the subject of estate planning gets brought up, people may quickly think either of the following:
- Estate planning is only for the elderly
- Estate planning is only for the wealthy
Estate planning is for both groups of people—and they are for you as well. You would have a challenging time explaining why anyone who has assets wouldn't need an estate plan. Another common misconception is that you may not have enough assets to warrant the need to contact an estate planning attorney.
Even people with basic assets (and debts) can leave behind significant complications.
Tools For A Variety Of Uses
An estate plan is not a form to be filled out. The term encompasses several different documents that are skillfully put together. When done correctly, you have the peace of mind knowing that your wishes will be carried out, and your assets will be distributed to your designated beneficiaries.
Deciding to build an estate plan is taking control of your assets. Without a legal will or established trust, the state distributes your assets according to the law. This could create a situation that you wouldn't have wanted.
For example, if you had children from your first marriage and got remarried, the law will likely give most of your assets to your current spouse. However, that person is not obligated to share or provide any of those assets to your children from the previous marriage. Had you confirmed your wishes through an estate plan, your attorney could have advised you how to distribute everything legally and efficiently.
There are so many different documents that come together to create an estate plan. All of which can be of excellent service to you. Your attorney can draft durable powers of attorney. If you are incapacitated, you need someone to make medical and financial decisions on your behalf. You can even provide guidelines and parameters for those medical decisions.
An Estate Plan Isn't For You
Your estate plan is for the people you love—for the people you care about the most. Leave behind a lasting legacy and plan rather than a mess. Young parents should choose a guardian for their children if both of them pass away unexpectedly.
Creating an estate plan is a responsible and selfless act.
Hamilton Law, PLC
October is Estate Planning Awareness Month, and it is an excellent chance to start yours. If you have further questions regarding estate planning, contact the experienced and professional attorneys at Hamilton Law to schedule a free consultation. We look forward to assisting and advising you on protecting your assets and plan for the future.