“I’ll get to that tomorrow.”
In perhaps the most common form of procrastination, we often put off decisions about our estates until it is too late. At some point, there will be no more tomorrows, leaving our loved ones grasping at straws as they try to wrap up our estates in a way that respects our perceived wishes.
The first step toward making sure your estate is properly taken care of is getting answers to your questions about estate planning and administration. At Kelm & Reuter, P.A., our lawyers are ready to help you create an effective estate plan that can be a lasting gift to the loved ones you leave behind. Let’s start by answering some commonly asked estate law questions.
Do I really need an estate plan? Are you required to have an estate plan? No. Should you have an estate plan? Yes! Even if you have modest means and a small estate, there is still reason to have a simple will that lays out your wishes and provides direction to your heirs. Failure to do so can leave your assets tied up in probate or even in some cases, possession of the government.
What are the benefits of an estate plan? Having an estate plan tailored to your unique needs can help you reduce estate taxes, provide for your heirs, and make sure your wishes are respected. Additional benefits include reducing conflict among your heirs, preventing the government from making decisions about your estate, and making end-of-life decisions while you are still able to do so.
What does an estate plan consist of? Your estate plan could be a last will and testament or a combination of documents such as a will, trusts, power of attorney, and health care directives. An estate plan can be just as unique as your estate, which is one of the benefits of working with an experienced estate attorney.
What if I’m not ready to make decisions about end-of-life care or establish trusts for my heirs? That’s okay. You can create a will today and update your estate plan as life warrants it. In fact, we recommend reviewing and updating your estate plan at all of life’s milestones, including marriage, the birth of a child, retirement and divorce.