Caro estate planning lawyers at Biddinger & Estelle can offer you detailed, comprehensive advice to create a plan for the future. While it may not be fun to consider what would happen to you and your family if you got sick or if you passed away, you need to think about these things and plan ahead.
If you don’t take action to plan for an unexpected medical emergency, you and your family could be in a far worse situation if you suffer an incapacitating illness or injury. You could also leave behind chaos and could become responsible for family fighting if you have not made plans for what will happen after you pass on. Inheritances were expected to cause tension in around 25% of families according to a recent Ameriprise survey, and you don’t want your family to be one of those families.
Biddinger & Estelle provides estate planning help to people of all ages, as well as to people with varying incomes and net worth totals. You should not assume that you don’t actually need an estate plan if you are young, and you shouldn’t assume that you can put off planning if you don’t yet have a family or have a lot of assets.
The reality is, at any age, you should have an estate plan in place that is appropriate to your life circumstances. Here are three key reasons why making an estate plan with help from Caro estate planning lawyers is something that you should do right away.
Estate Planning Lawyers Help Protect your Assets
As you go through your life, there are many potential ways that wealth you’re working hard to acquire could be lost. For example, you could be sued if you’re in a car accident or if you’re running a business and something goes wrong with the company. You could have creditors trying to take your assets, your estate could have to pay estate tax, or you could be worried about what an irresponsible child who you leave money to will do with the gift you have provided.
There are a number of legal tools that could be used to protect assets, including trusts, which are a versatile estate planning tool. Biddinger & Estelle can help you in keeping assets safe during your life and maximizing the inheritance you pass on by making effective use of estate planning tools.
Estate Planning Lawyers Help You Make an Incapacity Plan
Incapacity planning involves preparing for what happens if you get badly sick or hurt and can no longer control what happens to your life. Someone must make decisions on healthcare, management of your assets, care of your pets and children, and a wide variety of other issues if you are not able to act on your own.
You should have an incapacity plan in place to answer question about who should act on your behalf when you no longer can. You can plan ahead for who will manage your assets, who will make decisions on your healthcare, and what kind of care you do and do not want under particular circumstances. An estate planning lawyer will assist you in using the right tools to determine what happens when you become unable to communicate your wishes after a medical emergency or serious illness.
Estate Planning Lawyers Help You to Control Your Legacy
If you have amassed money and property during your lifetime, something will happen to your wealth when you pass away. It is up to you to determine who controls the distribution of assets you have worked so hard for.
If you make a comprehensive legacy plan, you can use legal tools to determine who should serve as executor of your estate. This is important because the executor of an estate is the person who files court paperwork and who is responsible for taking care of your assets after you pass away until the assets are transferred officially to new owners. You can also specify exactly who should inherit. If you don’t make plans, however, default state rules will apply to determine who inherits assets.
Getting Help from Caro Estate Planning Lawyers
Caro estate planning lawyers at Biddinger & Estelle will help you with much more than the issues mentioned. Our firm is a full-service firm and our attorneys are actively involved with all aspects of the estate planning process. To find out more about the ways in which Biddinger & Estelle can help you, give us a call at (989) 872-5601. You can also contact us online to learn about the ways in which our firm can assist you and your loved ones.