Estate Planning (Wills & Trusts)
An estate comprises of everything you own. Estate planning allows you to take control over the division of your assets to your heirs during your lifetime or after your death. It deals with the money or assets you have worked tirelessly to accumulate and only you should decide who inherits your assets. You need an estate plan to accomplish this.
Estate planning is more complex than what we just mentioned. You may need to plan for who will raise your minor children after your death or manage their finances. You may need an estate plan to minimize taxes and court costs. You may need an estate plan to meet the needs of a disabled child or meet your needs if you require long-term care. There will always be a need.
If you don’t have a proper estate plan, after your death assets may pass to beneficiaries pursuant to state laws, instead of pursuant to your wishes. These beneficiaries may not be the persons you would want to inherit from you. Or an inheritance to a beneficiary may be harmful to them, such as affecting their governmental benefits.