Probate And Estate Plans Can Minimize Consequences
You do not want to think about what must be done if the unimaginable happens. Preparation, even for the worst situations, can give you peace of mind. You spent your lifetime building your estate and you want to provide for your family and friends.
As scary as it is to think about not being able to care for yourself or your death, it is best to have a plan. For help with estate planning or for probate issues, call Oxner Legha Law Firm.
Why Do I Need An Estate Plan?
Your estate is the sum of the value of all your property, including your debts. Estate planning can be complicated. It is important to understand the consequences and experienced legal counsel can help protect your family assets.
You need an estate plan for a variety of reasons, including:
- An estate plan allows you to decide who can make decisions for you and hold your assets while you are alive but unable to make those decisions
- Distribution of wealth. You will have to name an executor or a personal representative. It can also set a plan for your minor children and any relatives who need care
- Minimization of taxes. The Tax Cuts and Jobs Act, enacted in 2017, expanded how much you can give away during your life or after you die without transfer taxes
- Protecting your wealth. If you have substantial assets, you want them to go to your loved ones. Methods to ensure that include: asset protection trusts, irrevocable trusts, limited liability entities, asset ownership and insurance
- Preparing for your family’s future. If you want to ensure that future generations share your wealth, there are estate planning strategies that can preserve your financial legacy
What Is Probate And Do I Need It?
Probate is needed to prove a will is legitimate and to make sure a deceased person’s wishes are followed. Probate is the only way beneficiaries can get legal ownership of property that is not addressed in a will or an estate plan.