Estate planning is the process of creating a strategy for the distribution of an individual's assets upon their death, as well as making arrangements for their care in case of incapacity. While many believe that this process is only necessary for the elderly or wealthy, the truth is that everyone can benefit from careful estate planning. At Weaver, Bennett and Bland, P.A., our estate planning attorneys can help you draft wills and trusts that meet your unique needs, including protecting your assets and ensuring your wishes are carried out.
What You Need To Know About Wills And Trusts
The Importance of Wills and Trusts
One of the main goals of estate planning is to provide for the distribution of your assets after your death. A will is a legal document that states how your assets will be distributed upon your passing. Trusts, on the other hand, can be used to protect your assets and minimize estate taxes. An estate planning attorney can help you decide which option is right for you.
Updating Your Estate Plan
Your estate plan should be reviewed and updated regularly to ensure that it reflects your current wishes and circumstances. Changes in your life, such as marriage, divorce, the birth of a child, or the acquisition of new assets, may require updates or revisions to your estate plan.
Probate is the legal process by which a court validates a will and distributes assets to heirs. It can be a lengthy and expensive process that can erode the value of your estate. By using trusts and other estate planning strategies, you can minimize or avoid probate altogether.
Protecting Your Assets
Estate planning can also be used to protect your assets from creditors, legal judgments, and other threats. By creating trusts or other legal structures, you can shield your assets from potential claims and ensure that they are used according to your wishes.
In the end, proper estate planning is an important step for protecting your family's financial future and ensuring that your wishes are carried out. At Weaver, Bennett and Bland, P.A., our estate planning attorneys are dedicated to helping you navigate estate law and create a comprehensive plan that meets your needs. Contact us today to learn more about how we can help you plan for the future.