What is estate planning, and why should you do it?
Estate planning is often overlooked for a number of reasons: many people do not think that they have an “estate,” they do not believe that their estate is “big enough” to worry about planning for, or they don’t think they’re old enough to need to worry about it. However, estate planning is something that EVERYONE should do. You’ve worked hard to build your estate, which is comprised of everything you own – your car, your home, other real estate, bank accounts, investments, life insurance, and even family heirlooms like Grandma’s hutch in your dining room. No matter how big or small, you do have an estate, and you won’t be able to take it with you when your time comes.
To ensure that your wishes are carried out, and your possessions are given to the people or organizations you want, you must engage in some form of estate planning to provide specific instructions. An estate plan begins with a will or living trust. A will is a relatively simple legal document that sets forth your instructions regarding the distribution of property and may include instructions regarding the care of minor children. An estate plan goes much further than a will, as it not only deals with the distribution of assets and legacy wishes, but it can help you and your heirs pay substantially less in taxes, fees, and court costs.
Regardless of your specific situation, Gilbertson Law Office can help you to develop an estate plan suited to your specific needs and wishes at an affordable rate.