Has estate planning been on your list of things to do for multiple years? As another year comes to a close, it’s important not to delay this important action. Estate planning can provide peace of mind for you and your family and give you the opportunity to plan for the future. Consider these frequently asked questions:
Why is estate planning important?
More than taking care of your family after you pass, estate planning is extremely beneficial during your life. An accident can happen at any time leaving you mentally incapacitated. In this event, your estate plan would be the guiding document in a legal dispute. That’s why you need attorneys who will focus on creating an estate plan that includes mental incapacitation and death.
What documents are included in my estate plan?
An estate plan is not one document, but rather a compilation of important documents that cover a wide variety of needs. For example, many people include an advance healthcare directive, last will and testament, power of attorney, and living will in their estate plan. Each document plays an important role with regards to delivering your wishes.
Does it matter how my property is titled?
Yes, it matters greatly. Your property can be titled in various ways – joint names with right of survivorship, tenants by the entirety, and tenants in common are just a few. Basically, however your property is titled will determine inheritance.
Can I modify my estate plan?
Yes, absolutely! We encourage you to modify it as circumstances in your life change. Certain changes may affect your estate plan such as marrying, having a divorce, the birth of children or grandchildren, selling a business, or the passing of a loved one.
The WHGM attorneys are incredibly skilled and have extensive knowledge concerning estate planning. Don’t hesitate to contact us to set up a consultation.