Knowledgeable Estate Planning Attorneys
Why Is it Important to Plan Your Estate?
Because death is inevitable and not always predictable it is wise to prepare in advance to protect your loved ones as well as ensure that your assets are transferred to individuals and/or entities of your choosing. While you can’t take your assets with you when you depart, there are many ways to be a good steward of what you have so that your assets are not needlessly wasted by unnecessary taxes, family feuds, or creditors of a beneficiary.
Regardless of the size of your estate, sitting down with attorneys Heitz & Bromberek to discuss your plan as to how your assets will be distributed will help make sure your assets are given to the people and organizations you care about most. To ensure your wishes are carried out as you desire, it is required you provide written instructions in some legal format stating whom you want to receive your assets, and when they receive them, and ideally with the least amount of tax as possible.
Not taking the time to properly plan your death can result in your estate going into Probate. Probate can be time-consuming, and your assets still may not be distributed as desired. Many families fight over assets and planning in advance can help alleviate stress on family members.
What Is Estate Planning?
Estate planning is not just about assets. Proper estate planning consists of:
- Instructions for passing your values in addition to your valuables
- Include instructions for your care in the event you become disabled or unable to make decisions before death
- Name a guardian and an executor of the estate for minor children
- Provide and protect family members with special needs without disrupting government benefits
- Provide transfer instructions for your business in the event of disability or death
- Provide loved ones who may have issues with money or other responsibilities or who may need future protection from creditors or divorce
- Include life insurance to protect your family, provide for your mortgage or may even help pay for your care in the event you are unable to work or suffer a long-term illness or injury
- Reduce tax-transfer burden, court fees, and protect against unnecessary legal fees
- Advanced directives including Powers of Attorney and Living Wills
- Ensure a beloved charity or religious organization receives a gift upon your death
Effective estate planning should be an ongoing process as life events change. Many people, however, treat estate planning as a one-time event. Your plan should be reviewed and updated as your family and financial situations (and laws) change over your lifetime.
There are many things an estate planning lawyer must take into consideration. Your attorney must understand the many complexities of wills, health care directives, and then use these tools to tailor a custom estate plan specific to each client. Your attorney must always keep an eye on maintaining family harmony and preparing for further generations while understanding the nature of family dynamics.
If you need any help with estate planning, we invite you to sit down with us to discuss all the legal tools that can be used to meet your intentions. We will do our best to make sure your estate passes quickly and amicably in the way you intended. Call (630) 355-1458.