Peace Of Mind Through Estate Planning

Wrongful Death Claims

Having an estate plan is one of the best approaches you can have for you and your family. It can protect your family and assets in case of emergency as our own wrongful death claims lawyer knows is very important. Once you have finalized all of your estate plan documents, you’re likely to feel more at ease and confident knowing your most prized possessions and assets will be handed down to those you love the most after your passing no matter what happens. Through these documents, you can have more peace of mind with how your closest family members and friends will be taken care of after your departure.

Of course, planning for a time when you have left those closest to you is not something we want to think about every day. But if you have an estate plan written, then you won’t need to focus on it again unless life circumstances happen which necessitates an update. Those who have questions about estate planning or want help getting started, can contact a legal team in their area, according to our friends at the Law Group of Iowa. It can be tricky getting started devising your estate plan, but it’s more than worth the effort.

Estate planning begins with having a last will and testament. To put it simply, if you do not have a will, then you will die interstate. What this means is that the court will oversee the distribution of your assets based on state law, which may or may not be how you would have liked things to proceed. Most people do not want the government deciding who gets what, because this doesn’t account for family dynamics and what the deceased would have wanted.

Another element of an estate plan is making sure that minor children are provided for. If you are a parent, you can use your estate plan to appoint a guardian for them in the event that you become incapacitated or have an unexpected death.  In addition to choosing a guardian for minor children, you will need to appoint an executor who will carry out the instructions in your will as you have written them. Both roles of guardian and executor are important, so who you choose should be people that have your best interest at heart.

A living trust is a document in which your assets are put into a trust as a benefit throughout your lifetime, and then when you pass away, the assets are transferred to the beneficiaries as you have designated. A benefit of having a living trust is that your property within it will avoid probate, and go directly to your beneficiaries. This saves both money and time for your loved ones, who will also be grieving their loss.

As an estate planning lawyer explains, probate is a court-supervised proceeding where a decedent’s will is validated, an executor is approved or appointed, and then the assets within an estate are distributed. Probate may cost the estate funds in court fees, and can be time-consuming. By preventing probate, beneficiaries receive their inheritance quickly without the added stress of waiting for financial support.