Estate Planning
What Is An Estate Plan?
An estate plan allows you to prepare for the unthinkable; what will happen to me, my loved ones, and my belongings when I pass away or if I become incapacitated? Estate planning is the process of organizing your assets and legal affairs to ensure they are managed and distributed according to your wishes. A well-crafted estate plan helps protect your family, minimize taxes, avoid probate, and provide peace of mind.
Take Control
Why is an Estate Plan Important?
Without an estate plan in place, state law determines what happens to you, your loved ones, and your belongings/assets when you pass away, or if you become unable to care for yourself.
Estate Planning is also important because, if done properly, it takes the weight off of your loved ones to make some of the hardest decisions. Having a Living Will as part of your estate plan, for example, states your wishes regarding end-of-life care should you become incapacitated.
Preserving Legacies
Planning For When You Pass Away
When people hear Estate Planning, most think about planning for death through the use of a Last Will and Testament. Humans have been using the Last Will and Testament for centuries to direct how their property should be divided upon their death.
Estate Planning Tools
...But It's More Than Planning For Death
While estate planning is largely associated with planning for death through the use of a will or trust, a comprehensive estate plan covers much more than that. In addition to death planning, a proper plan contemplates what happens to your family and your assets if you become incapacitated, or otherwise unable to care for yourself, either medically or legally.
Through the use of estate plan tools like powers of attorney, living will, and guardianship designation, your plan can also dictate who can act on your behalf to make legal, medical, or financial decisions, in the event you are unable.
Without these documents, your family could be left filing requests to the Court for permission to act on your behalf. This can often lead to family infighting and can result in the court assigning a less-than-desirable representative to make your most important medical decisions or safeguard your financial wellbeing.
Important Decisions
Take Control Of Your Legacy
Estate planning takes the guess work out of this process and allows you to designate the best person to make those most important decisions. It also allows you to have a say in how you would like to have your health care, and end-of-life treatment managed.
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To discuss how Grayson Law can help, schedule a free consultation by calling 480.535.9650 or use our contact form today. Please do not send any specific confidential information without speaking with us first (see Disclaimer below).