Do Not Leave Your Assets Unprotected | The Importance of Estate Planning
Estate planning is important for everyone regardless of age, wealth, or social status. An estate plan will not only make things easier for your loved ones, but also ensure that your wishes are carried out. Working with an experienced estate planning lawyer in Jefferson City is the best way to protect and preserve your assets while you are alive and upon death. A few of the most important components of estate planning is writing a will or creating a trust.
Write a Will
One of the easiest and inexpensive ways to get started with estate planning is with the creation of a personal will. A will is a document outlining your intentions for asset distribution upon your passing and one that is enforceable by law. Therefore, with a will, you can control how your assets are distributed and to whom. It is a roadmap of your intentions on handling your personal and financial affairs after you are gone.
Working with our estate planning attorneys in Jefferson City to create a will not only protects your assets, but your family’s interests as well. Making sure that everything is in order will help matters go smoothly for your loved ones later on.
Create a Trust
A trust is legal instrument tailored to be more precise with your assets. Some trusts are designed to offer you benefits while alive in addition to providing asset protection. Your assets can be transferred into a living trust, where it may be legally protected during your lifetime and beyond.
Living trusts are generally revocable or irrevocable. Revocable trusts allow you to make changes to the trust or cancel it when you are ready. You will maintain control over the trust, and then the control will shift to the named beneficiary upon your passing. Irrevocable trusts will not be under your control, but they do offer heightened legal protection.
Do You Need an Attorney?
While there are many endeavors that can be done on your own, it is advisable to seek help with estate planning. In order to fully protect yourself, your assets, and secure your family’s future, you should speak with an experienced Grayson & Grayson estate planning lawyer who has knowledge of state and federal laws, tax consequences, creation of wills and trusts, and more. Something of this importance needs to be done correctly. Little mistakes can make things difficult or impossible for your loved ones.
If you have questions regarding estate planning, contact our estate planning attorneys at Grayson & Grayson to schedule a consultation.