Estate planning is the personal and legal process of establishing plans for how you want your estate – or the assets, property, and policies you own – to be divided upon your death. While many people think estate planning is something reserved for the elderly, it can and should be something everyone does. By creating a clear estate plan in according to your interests, you can ensure your loved ones and beneficiaries have an easier time handling legal matters after your passing, whether it’s expected or not.
At Boswell & Dunlap LLP, our estate planning attorneys have helped numerous individuals and families construct productive and legally sound plans that ensure their estate is handled according to their wishes, and that their loved ones do not have to struggle with the complexities of probate and other legal matters should they pass without a plan.
Clients who work with our estate planning team learn the importance of the legal instruments available, including wills and trusts, and benefit from experienced counsel that offers personalized and full-service support. However, not everyone understands what and how estate planning works, or why they should create one. Below are a few reasons why creating an estate plan, regardless of your age, is a smart idea:
- Passing Away without a Will – One of the most important reasons to create an estate plan is to avoid the complications, expenses, and frustration that can arise when you pass away intestate, or without a will. When this happens, your estate will may be subject to probate and be dispersed without your direction, which may including property being given to certain family members and relatives you do not want to receive your assets. When you create a will and plan, you are able to decide the details how your estate should be divided, including to whom, when, and how.
- Loss of Capacity – Estate planning tools can do more than just ensure things are handled as you wish after you pass. They can also protect you and your wishes should something diminish your mental or physical capacity to care and make decisions on your own. When you do not have a plan, the court will be tasked with appointing someone to handle your affairs. When you do have a plan, you can choose who will have this responsibility.
- Large Families – In cases where individuals have large families, especially blended families and children from prior marriages, plans can help ensure that your estate is handled as you wish. Without one, legal battles can ensue and certain members of your family may not receive what you would have wanted. Plans can also ensure younger family members or dependent relatives are taken care of after you pass.
Creating an estate plan is a smart, reasonable, and forward-thinking decision that can protect you and your loved ones. At Boswell & Dunlap LLP, we have experience assisting clients from all walks of life throughout Polk County and beyond in a wide range of estate planning matters. To learn more about how we can help, contact us today.