Most people agree that planning is a good thing. No one likes to dwell on their own inevitable death. The personal issues raised in estate planning can be difficult. A good estate plan will help you, your heirs, and your loved ones avoid higher administration & probate costs, taxes, attorney’s fees, time delays, or fighting between your heirs. By planning your estate you ensure that your property will go to the people you want, when you want, and in the way you want, so that your loved ones can mourn your loss without having to also deal with potentially costly and litigious financial issues.
Estate plans will vary based on the individual but may include financial and health care Powers of Attorney, an Advanced Medical Directive, a Last Will & Testament, Medicaid planning, gifting, tax planning, and one or more of a variety of Trusts. A Last Will & Testament is for the management and distribution of your property after you die. Powers of Attorney and Advanced Medical Directives are used for the management and distribution of your property before you die. Trusts can be used to manage your property both before and after you die. Regardless of your specific situation, estate planning is a good thing that will ultimately benefit you and the ones you leave behind.
For a free consultation or a quick response to your questions regarding Estate Planning, contact Timothy Leahy below: