How can we best plan for the unexpected? What can we do right now to protect our family in the future? To answer this question, it is imperative that we understand Estate Planning. What is estate planning?
Nearly everyone has an estate. Your estate consists of everything you own— home, car, checking and savings accounts, investments, life insurance, furniture, personal possessions. No matter how large or how modest, these personal items make up your estate.
Estate planning is not just for wealthy and/or retired. In fact, estate planning often means more to families with modest assets, because they can’t afford to lose anything. Many families put off estate planning because they don’t think they own enough, they’re not old enough, they don’t know who can help them, or they just don’t realize the importance. Then, when the unexpected happens, their families must pick up the pieces.
To ensure your estate wishes are carried out, you need to provide instructions stating whom you want to receive something of yours, what you want them to receive, and when they are to receive it. You will, of course, want this to happen with the least amount paid in taxes, legal fees, and court costs.
Estate planning is simply making a plan in advance and naming whom you want to receive the things you own.
- Instructions for passing your values (religion, morals, education, etc.) in addition to your valuables.
- Directives for your care if you become hurt or sick.
- Naming a guardian and an inheritance manager for minor children.
- Providing for family members with special needs without disrupting government benefits.
- Special provisions for loved ones who might be irresponsible with money or who may need future protection from creditors or divorce.
- Obtain Term Life insurance quotes to provide for your family, disability income insurance to replace your income if you cannot work due to illness or injury, and long-term care insurance to help pay for your care in case of an extended illness or injury.
- Review and updates as your family and financial situations (and laws) change over your lifetime.
As parents, being confident that you have a properly prepared plan in place will give you a great peace of mind. In order to carry out your precise instructions and protect your family, find an experienced team like the Scottsdale estate planning lawyers.
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