Most clients come to us to help them prepare a will or a trust, and to get their estate in order in the event they pass away. Proper planning is way more involved than this. The most important element of proper planning is to make sure that you are taking care of yourself, financially and otherwise, during your lifetime. Then you should consider the question of who gets your items and under what conditions they are to receive it.
Your family is going to be better served by your being in a good stable position during your lifetime so that you can help them if you need too. Hiring a Land O’Lakes Wills and Trusts Attorney who understands this is paramount to your future.
Peace Of Mind Starts With A Comprehensive Estate Plan
For instance, have you considered placing some portion of your investments into assets that are difficult for creditors to reach? Have you made sure that you are properly insured for unexpected liabilities? Do you have proper health insurance and maybe long-term care insurance? Does your family have a need for your continued support after you pass? If so, do you have any life insurance? Have you named someone to make financial and medical decisions for you in the event you are unable to make these decisions because of illness or otherwise? These are all questions one of our Land O’Lakes wills and trusts attorneys will help you answer.
In the event, you need someone to make decisions for you because of an unexpected illness or otherwise, and you have not named someone to make these decisions, your family will need to commence a guardianship proceeding with the court. This is an expensive process that can be minimized and possibly avoided with proper planning.
Once you deal with these lifetime issues, you can then turn your attention to your last will and testament, and decide who gets what and under what circumstances. This is an important step as well. You really need to consider your desires, and the needs of your family. If this is not properly done, it can cost your estate and family lots of money to resolve.
Assuming you now have your last will and testament in place, you now need to coordinate your assets with your estate plan. Are you going to transfer your assets to a trust? If so, you need to coordinate beneficiary designations and the like to make sure your assets pass like you plan them too. Many folks miss this part of the planning, and think they are done once they sign their will.
Estate planning is a complicated process if you try to take it all in at once. However, if you engage in proper planning, and take it on one decision at a time, you can put together a plan that accomplishes your goals without risking your assets in the process.
Contact Us To Discuss Wills, Trusts And Estate Planning
If you are serious about setting your affairs in order, contact a Land O’ Lakes wills and trusts attorney at Kemp, Ruge & Green Law Group today. You may be surprised at how little proper planning will cost.