Estate planning is a beneficial planning tool that allows you to arrange your estate in case you become disabled or pass on. The process can help your surviving family members avoid misunderstanding, extra court expenses, and attorney fees. By thoroughly working out a proper estate plan, you could safeguard your loved one’s rights to your estate and make they inherit your assets after the event of your death.
Estate planning is recommended for all ages, no matter the amount of property and wealth you own. During this process, it is strongly imperative to obtain an Atlanta estate planning lawyer who can inform you of important information as well as provide valid advice and assistance. At Meyring Law Firm, we can guide you through the process, ensuring your estate and family’s inheritance are secure.
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What is involved in an estate plan?
Estate planning involving the drafting of wills, trusts, and other types of planning documents. Our firm can help you complete various documents that are designed to protect your final wishes and the interests of your loved ones.
Some of the elements involved in estate planning include the following:
- Will: This document helps you name any heirs you want to inherit part of your estate. A will can also include other information and may be updated or modified at any time.
- Power of attorney: In this document, you will appoint an agent to manage your finances if you were to become incapacitated. They must act with your best interest in mind.
- Advanced directive: This document helps to inform others of your healthcare wishes if you were to become incapacitated and can include notes on what treatments to avoid.
If you have children that are minors, estate planning will also take care to determine who you would like to take guardianship over your children should you and your spouse pass away. You can provide for family members with special needs that receive government benefits without disrupting the flow of funds, and set plans for how financial assets are distributed to ensure a sustainable financial resource for a loved one going forward. If you own a business, an estate plan can dictate the transfer of a business to an appropriate party so that operations can continue unimpeded. A well-constructed estate plan will minimize tax liabilities and unnecessary legal fees that state probate courts bring forward, containing the financial burden that your family can experience upon your passing.
Why should I have an estate plan?
For many people, something like estate planning sounds like it’s meant for the wealthy to figure out how to handle their fortunes after their passing. While those with more certainly benefit from having their possessions clearly delineated by an estate plan, you may be shocked to consider the fact that you have an estate regardless of your level of wealth. Your estate is a composition of everything you own, including major possessions like homes and real estates, checking and savings accounts and your investments, all the way down to physical property like your car, furniture, and personal possessions.
No matter the size, everyone has an estate and controlling an estate’s fate is the entire purpose of estate planning. First and foremost, you should have an estate if you want to make life much easier for your loved ones upon your passing. Attempting to sort through belongings without such can be incredibly messy, and it’s almost an inevitability that courts will wind up involved.
What can happen if I don’t have an estate plan?
If you don’t have an estate plan, the good news is that your state has one in place for you. The bad news is that most try their hardest to avoid such an arrangement as it’s often very unfavorable and involves probate courts.
In the event that your estate must be planned for due to disability, the court will typically control how your assets are used to take care of your medical and living expenses through a guardianship or conservatorship. This, obviously, can become incredibly expensive and also very time consuming as courts move very slowly. On top of this, it’s very challenging to reclaim an estate upon recovery.
When you must turn to the state to handle an estate upon death, your assets are handled as specified in state probate laws. Typically a spouse and children take precedent in sharing assets, but the shares are determined by the state and may not be enough to sustain onward. In the event that your children are minors, the court will take full control over the terms of their inheritance. In the worst case scenario, should you and your spouse pass away and you have minor children, the court will appoint a guardian without knowing or consideration of whom you would have selected to raise your children.
State courts are public affairs that act without consideration over your desires; they’re simply incapable of doing such. Meeting with an estate planning attorney and preparing an estate allows you to take responsibility of your affairs and have your posthumous wishes carried out as you would like, so that your family is well-taken care of going forward.
Why is Meyring Law the right estate planning law office for me?
Having a plan in place will save your family time, grief and financial loss that they cannot afford to bear in the tragic time that follows a loss of a loved one. A simple estate plan can go a long ways, and by working with an experienced law firm, you’ll find that the process can be painless and straightforward. Meyring Law brings decades of combined experience to the table, with attorneys that have planned for estates of all sizes and types. We’ll take great care to ensure that the no stone goes unturned so that your estate planning is as comprehensive as possible, guaranteeing your family is prepared. Our legal services extend to every scope of estate litigation; we’re happy to provide consultation to explain the legal jargon that is so common in estate law and give you background on expectations of what can happen for your loved ones should you pass away unexpectedly.
Reach Out to Us for Trusted Support
Don’t have an estate plan in place yet? We encourage you to take action to protect your family, assets, and well-being. At Meyring Law Firm, we help you craft an estate plan that is personalized to your goals and wishes. Our Atlanta estate planning lawyers take the time to understand your wishes and goals and can help guide you in the right direction for your plan.
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