It is never too soon to have an Estate Plan in place in the event of your death or incapacity. Estate planning provides peace of mind that your assets can be used to benefit your loved ones after you are gone. It is a topic that often gets pushed to the back burner as people tend to think of it as something they can address later in life. However, the truth is that estate planning is a critical aspect of financial and personal well-being that should not be overlooked. Regardless of your age, or family situation, having a well-thought-out estate plan can provide peace of mind in knowing your legacy and loved ones are protected and your wishes are carried out.
At its core, estate planning helps you retain control over your assets and ensures that your wishes are respected. A well-prepared estate plan can ensure that your property will be distributed according to your wishes, and in a manner that best ensures the financial wellbeing of your loved ones. Estate plans encompass a range of legal documents and strategies that are customized to your unique circumstances and goals. In addition to having a Will, preparing a Trust has become an increasingly vital component of a well-crafted estate plan.
Generally, a trust is a legal and financial arrangement where a person transfers property to a trustee who has a duty to manage and hold the property for the benefit of selected beneficiaries. Including a trust in your estate plan can provide several advantages including protecting assets from creditors of your estate, minimizing estate taxes and avoiding the court process of probate. Trusts are flexible in how they can accommodate your unique financial needs and can allow you to limit how your estate is utilized in order to maximize the benefit to your heirs whether it's protecting the assets of a child with special needs or limiting the use of trust assets to protect against creditors or other third parties from accessing trust funds that are intended to benefit your loved ones.
It is never too early to be prepared. The attorneys at Simms & Schickel, PLLC are here to help. Contact us today at (502) 400-2992 to schedule an estate planning consultation.
The information in this post is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.
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