PLANNING FOR THE FUTURE ALWAYS PAYS OFF
A fully organized and comprehensive estate plan can be a hugely beneficial piece of legal documentation during the most emotional and difficult times we face.
Dealing with the loss of a loved one, friend or family member can be a chaotic, uncertain and painful experience. The last thing anyone wants to do in these moments is to discuss things like:
- The financial state of the departed
- What property do they own?
- Is there a minor who needs to be assigned a legal guardian?
- Who gets what, regarding personal property?
- What type of funeral service will be held?
- Tax amount during a property transfer?
The benefits of a thorough Estate Plan are undeniable
The connections and relationships we have with one another are paramount in times of loss and crisis. Being afforded the gift of grieving, connecting and reconnecting without having to deal with the legal ramifications that arise upon death, is very important.
Though oftentimes overlooked in lieu of more immediate matters, a fully developed Estate Plan can accomplish:
- Having your instructions followed in regards to life-prolonging medical care, should you not be able dictate such things at the time
- Funeral arrangements and expenses
- Bypassing the probate process with estate planning tools such as living trusts and “payable on death” financial accounts
- Assign certain property to certain individuals, and ensure transfer of said property with as few legal obstacles as possible
- Lessen the amount of tax that will be paid upon transfer of certain properties