Whether you are young, old or in between, you must have heard about estate planning, although you may not be sure of how it applies to you, and whether you need to get involved with it right now. Well, the reality is that you never really know what life will hand you from one day to the next and it is probably a good idea to make sure that everything is in order just in case.
Estate planning involves making a plan for the distribution and transfer of an individual’s personal assets and wealth. No matter what stage you are at in life, you should give your assets some thought and you will need to make some decisions regarding which assets you wish to hand down to whom. After all, you will want to preserve your legacy, which is essential for you and for future generations in your family.
What is involved in an estate plan?
There are a few essential documents that are important to your estate, such as a will, trust(s), retirement plan(s) and contributions to charities, and dealing with probate after you pass on. It is advisable to consult an estate planning attorney if you are planning your estate so you will want to make sure that the attorney has a deep understanding of property laws, state and federal tax laws, and the laws that relate to wills, trusts and probate.
Hopefully, your estate planning attorney will also have knowledge and experience with annuities and life insurance in addition to financial investments. There will be times when litigation is necessary. That would happen if the estate probate is challenged by a person or people who are involved with the estate.
Sound advice from an estate planning attorney
Estate planning is an important tool that will allow you to make decisions regarding your estate, finances and your health in the event that you should become incapacitated. An experienced, knowledgeable, Cumming, Georgia, estate planning attorney can walk you through the process and can help you to develop estate planning strategies that are customized to your specific needs. The estate-planning process is not a one-size-fits-all situation. Your needs will go into the formula of developing your estate plan so that your wishes will be carried out and your legacy will live on.