Estate Planning -- It's a Good Idea
- May 10, 2016
- 3 min read
If you’re like most people, you understand that having an estate plan is a good idea. You know that having such a plan ensures that your property will pass to the right people with minimal delay and cost. If you have young children, you also know that an estate plan will give you a say in who will care for your children when your gone. You may even know that an estate plan enables you to leave detailed instructions about your finances and medical care in case you become incapacitated and are unable to make those decisions for yourself.
Yet, with all you know, you still haven’t made time to plan your estate. We understand. Sitting down making your plan forces you to think about your own mortality. And then there’s the legal complications and legal costs. With all that, it’s so much easier to put off what we all know is best for our family.
The Law Offices of Jace C. Gatewood, P.C., is here to help. Our Online Estate Planning System guides you step-by-step, option-by-option, through the entire estate planning process. Once you’ve made your choices, our lawyers confidently move toward drafting an estate plan that fits your individual circumstances and wishes.
Our Online Estate Planning System takes you through the following estate planning goals:
Leaving Property – If you have a modest estate, you might use a simple will or living trust, or both. If you have a large estate, you might also leave property to several beneficiaries in more complicated ongoing trusts. No matter how you leave your property, it always better to have an estate plan because if you die without one, state law decides who gets your property.
Providing for Young Children – If you have young children, you’ll want to ensure that they will be well cared for if you die before they become adults. In your will or trust you can name guardians to raise them and a trustee to look after their inheritance.
Planning for incapacity – Estate Planning also includes preparing for what would happen if you ever become unable to make medical and financial decisions for yourself. You can use a Healthcare Directive to name someone to make medical decisions on your behalf and to express your wishes about end-of-life care. You can also prepare a durable power of attorney that gives a trusted person control of your finances during any period of incapacity. Preparing these documents can save your family much time, delay and expense.
Avoiding Probate – Probate is a court-run process for wrapping up your estate. It’s both expensive and time consuming, and rarely provides the protection to your beneficiaries that you intended. With a little planning, probate is fairly easy to avoid with trusts, pay-on-death accounts, joint tenancies and other probate avoidance methods to help keep your estate out of probate.
Reducing Estate Tax – Most people will not owe federal estate tax, unless you expect to leave more than $5 million. If so, the Law Offices of Jace C. Gatewood, P.C. can help you set up an estate plan to reduce the tax you will owe after your death.
If all this sounds daunting, please keep in mind that many people need only a simple estate plan. With our system, in most cases, you will be able to prepare all the documents your need using our “Self-Prepared” service. Or you might discover that you have more complicated estate planning needs, in which case our “Attorney Reviewed” or “Attorney Prepared” service may be right for you. Whatever service you elect, you will receive free consultation to discuss your estate planning needs to get the most beneficial plan that fits your specific needs and situation.
No matter what your situation, with the Law Offices of Jace C. Gatewood, P.C. on your side you can move forward informed and empowered to make a smart and effective estate plan to protect your family now and after your gone.
Visit us a www.gatewoodlaw.com to learn more.
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