The Importance of Estate Planning
It is surprising how many people fail to prepare for their passing given how important it is to do so. It may be because no one wants to entertain the thought that they are going to leave their loved ones one day.
Just last year, when Black Panther actor Chadwick Boseman passed away, his wife had to deal with grief and at the same time take care of complicated matters like having to file documents in probate court so she could be named administrator of Boseman’s estate. Imagine how tough that must be for her.
Getting your estate in order is something that you should do to ensure that your family is protected in the future, too, and an estate planning attorney can help you with that. If you are not familiar with estate planning, here’s everything you need to know:
What Is Estate Planning?
Estate planning is defined as the preparation of tasks in order to manage a person’s assets in the event of their passing or incapacitation. The planning mainly includes the settlement of taxes for the estate as well as the bequest of assets to the person’s heirs.
First, it needs to be determined how the person’s assets will be managed, preserved, and later on distributed. A will then has to be written, trusts need to be set up, and donations could be made to limit the taxes.
Also, you will have to name the executor, decide on your beneficiaries, and make funeral arrangements.
Why Is It Important to Plan Your Estate?
So many people are unable to plan their estate because they don’t have access to an estate lawyer who can help them. If they have a trusted advisor who can provide them with the information that they need and the importance of estate planning, more people would be able to do it.
If you do not have a will, intestacy laws will be implemented. The government has a method for asset distribution. If you are married, your assets will most likely go to your spouse and children. Otherwise, they can go to your parents. If you no longer have parents, they could go to your siblings, nephews, nieces, or any next of kin.
It might sound straightforward, but in many instances, things do get complicated. For example, in cases where the assets will be equally divided among the heirs, a problem could arise if there are no liquid assets. Also, there could be trouble determining who receives sentimental assets like jewelry, paintings, and more.
Why You Should Have a Legal Advisor
A trusted estate planning attorney can help you throughout the process of your estate planning and ensure that your will is executed as it should be upon your passing. The attorney will play a significant role in helping you understand how things work, what those jargons mean in layman’s terms and guide you through it all. You want your family to be secure even when you’re gone, and a lawyer is the best person who can ensure that.
No matter where you are in your life right now, you should consider planning your estate, especially that we are living in perilous times right now. There’s nothing wrong with being prepared. The last thing you want is to leave your family not knowing what to do, or worse, fighting over the assets that are supposed to help them. Getting an estate lawyer can help you get everything sorted out for you.
Ontario Wills has some of the best estate lawyers in Ontario, CA, who can help you in creating a will and planning your estate. Contact us today and get quality legal advice from our experts!