Children are the most beautiful thing which can ever happen to a family. We all start getting worried about the future and security of our children even before their birth. If you haven’t thought of estate planning before then you must think about it now because with children it becomes a necessary step. Maybe you have heard about estate planning before but you haven’t taken any action towards it yet. You should stop thinking about it because now that you have children it is a necessity to create an estate plan for their protection.

Estate planning works as a shield for your kids and it does provide future safety to them in your absence. We think that everyone who is thinking of starting a family should plan their estate. It is really going to help you a lot in the future and also it is going to work in favor of your kids. You might be aware of the fact that estate planning isn’t just about transferring the funds or estate but it is about making the future you taking control of the future while you can.

Estate planning for children

When we make an estate plan we often make it for the safety of our family and kids. You might already be aware of the fact that estate planning for the children is quite important because you want to ensure that your assets pass to them with minimal tax exposure and outside of the marital property or personal issues. If you and your spouse die because of some tragedy, then what will happen to your children? If you have minors assigning a guardian that you trust should come into consideration. Keep in mind without a proper estate plan your children might be subject to probate or a guardian controlling their life without having their best interest at heart.

A good estate plan can help your children while you are alive and when you are gone. People for the most part don’t just pass they become metal incapacitated or ill and unable to take care of themselves. Something as basic as a power of attorney can save them a headache in such a scenario by empowering them to make financial decisions and gain access to your savings or properties for financial situations to assist both you and themselves.

Estate Planning for children Important Steps

Will

You must write a will in order to start with your estate planning for children. Now, most young parents don’t think about assets or property when they write the will but they focus on the “guardian”.  So, in your will, you must name a guardian who is going to take care of your kids in absence of you and your spouse. A will is also where you can state your wishes regarding how your assets are distributed amongst your children which can help avoid family feuds.

Life Insurance

You must buy life insurance for your kids so they can get benefits in your absence. We think that it is an important and much-needed step when you are thinking about the safety of your kids.

Make Healthcare Proxy/ Power of Attorney/ Living Will

A healthcare proxy is someone who will make a decision for your medical health if you aren’t able to make them somehow. You can’t pick your minor kids for this position you may appoint your spouse, a close family member, or even a friend. Power of attorney is someone who will make a decision on your behalf for all your finance-related issues. Living Will is where you can state your final wishes such as burial or funeral arrangements so your family isn’t burdened with such decisions on your behalf.

Estate planning for special needs children

Estate planning is very important if you have special needs children. Families with special needs children should be much more concerned about the safety of their kids in the future. If something happens to you and your spouse then they’ll be alone without any care. In the case of estate planning, you can at least pick someone to take care of them after your death and ensure some sort of finances that can be used for their care.

We have seen a lot of clients struggling while making an estate plan for their kids. It’s our duty to think about our family’s future in all cases. We think that estate planning can be an extra layer of protection for them. However, estate planning isn’t the only thing you can do for future security but it is an important one. If anytime you feel the need for advice on estate planning then you can directly contact us for a free consultation. We will be more than happy to help you in planning your estate for your children. 

Having an estate plan is essential for everyone. It doesn’t matter if you are young or don’t have many assets because it is a needed step towards securing your assets and passing them to your heirs. Unfortunately, many people ignore or delay estate planning because they think they don’t need it. We all know that death can come for anybody at any age, but what about our family? We wouldn’t want to risk their security, their happiness, and most importantly, their inheritance in order by not planning and creating an estate plan.

Estate planning can come with many benefits for your family even after you’re gone. Also, good planning for the future will always be a positive step for you and everyone close to you. So here, in this blog, we aren’t just going to talk about estate planning, but we will guide you with the estate planning checklist.

Estate Planning Checklist

Will

A will is quite helpful if you want to express your final wishes to settle your estate, savings, and everything which belongs to you. In the choice, you can also appoint a legal guardian or a person responsible for taking care of your minor children if you are no longer around. You must sign your will in front of two witnesses, and it should be 100% your own conscious decision.

Revocable Trust

Can hold all your assets for the benefit of whom you wish. Unlike a will, you will be transferring or retitling your assets into the name of the trust during your lifetime. This document will allow your loved ones to avoid probate and provide asset protection for you and your beneficiaries.

Advance Care Directive

This is just another name for the “Living Will.” It can be used to specify the medical treatment course when you aren’t able to articulate choices for yourself. You must know that state laws vary on the facility of advance care directives.

Health Care Proxy

It is another health-related facility in which you designate someone else to make choices about your medical care in case of an emergency or when you aren’t able to take the decision. You must know that state laws vary on the facility of Health Care Proxy too.

Statements of Intent

It allows you to express your wishes, philosophies, preferences, expectations, desires, and essential advice to your trustees or dependents. This will help you and your family members craft a vision with your estate.

Important Estate Roles

Before planning or during the planning of an estate, you must make some practical decisions, and they aren’t going to be an easy task. For example, you have to pick an executor, a trustee, and a guardian if you have minor children.

An Executor

They are responsible for carrying out all the provisions of your will accordingly as you granted. The executor should be someone you trust, like a child, close relative, friend, or professional like a lawyer or accountant.

A Trustee

Someone who manages the trust you created and strictly enforced your faith’s rules without breaking anything. It is your choice, and you should consider carefully who you are going to make your trustee. You can pick a known person who knows your circumstances well or choose a professional institution to handle all that.

A Guardian

You must know that a guardian is an important person who assumes your legal responsibilities for your minor or disabled children.

You must know that you’ve spent a lifetime building your estate, so you should be careful with it. Every step you are going to take should be taken under the consultation of an experienced lawyer. We highly recommend estate planning for all, regardless of your wealth or age. It is never too early to start planning, as a good estate plan created by a reasonable attorney will provide flexibility and grow alongside you.

Estate planning is a good choice if you own a business and are worried about its future. Many people seem to talk and think about estate planning for a long time yet seem to never get around to the actual planning. While many people believe there is no rush as they are young or the business isn’t making millions of dollars, it is never too early for estate planning. When it comes to estate planning for businesses, there are many benefits to having a good estate plan. We strongly advise all the business owners, at a minimum, to consult their local estate planning lawyer to better educate themselves on how estate planning can best benefit them.

You have spent your whole life building your business; don’t you want to control who takes over your business and perhaps even how it runs after your death? Yes! Your business can be harmed without an estate plan because now you aren’t here to run it. In this case, whoever will be in charge will drive your business as they want. Estate planning can give you the power to manage the future decisions of your business. Also, it can save you money when it comes to taxes, and you get the benefit of picking the right beneficiary or person who will take over in your place. Estate Planning is an excellent idea for all types of businesses and companies, small or big.

Estate Planning for Business

It doesn’t matter if you have a small business or the most prominent company. Estate planning can give you a layer of protection and peace of mind. Anybody who owns a business can easily benefit from a good plan. However, it is essential yet often overlooked due to worries of costs associated with creating a good estate plan. According to a study, more than 30% of business owners don’t have an estate plan.

What goes into a good business estate plan?

Benefits of a good business estate plan

Estate planning might not be able to guarantee the future success of your business. There is always the chance that your successors will not be able to fill your shoes, even if they are handpicked. However, it is always best to take control and appoint your beneficiaries and create a plan for the future operation of your business. After all, you are the visionary.

In the end, we have told you the benefits and importance of estate planning for the business. We are here to guide you with all types of estate planning queries. In addition, you can contact our office to set up a free consultation to speak to one of our experienced estate planning attorneys. Planning your estate can be tricky, and many potential considerations can be overlooked without the proper knowledgeable person guiding you through the process.

As the name suggests, estate planning is a plan to deal with your estate. Estate planning is an essential tool to manage your assets when you are alive and die. This planning primarily deals with the aftermath of your death, like what would happen to your assets after your death or who you would give them to. All these things are decided through estate planning.

What Does an Estate Consist Of?

Estate is everything that you own. It can be your car or your life insurance. Your possessions and savings account all come under the umbrella of the estate. All the property that you own also is part of your estate.

The Significance of Estate Planning

Estate planning is necessary for everyone, but most people do not opt for it. Some don’t know about it, and some think it is unnecessary. But in reality, estate planning is for all of us. This is supposed to take care of your loved ones when you are no longer around. Thus, here are some reasons why estate planning is a must requirement for all of us.

You Can Choose Who Inherits Your Assets

This is an essential step that needs to be taken while planning your estate. Often you might think that why do you require to name anyone who inherits your property or other possessions. But it just so happens that after your death, the court decides who should receive your assets. You may believe that this will resolve itself as your state’s intestacy laws will take care of it. However, money tends to bring out the worst in people, and in our profession, we see a lot of family feuds over inheritance. You may have overlooked things like being on the deed of one of your children’s homes to help them qualify for a mortgage. This would create an issue as now your other children can take advantage of the situation and try to claim those shares as part of their inheritance. Thus, it is always better to have estate planning to avoid such a family mess.

You Can Reduce Estate Taxes

A good estate plan can include tax mitigation strategies. For example, the current gift tax exemption is at a record high and can be used to limit your tax exposure. In addition, by creating a will and trust, you can achieve a hundred percent on a step-up basis for your primary home at the first spouse’s death.

Protect the Beneficiaries

Do you have children that are under the age of 18? These children are considered minors. Therefore, it is essential to have good estate planning in such a scenario. Remember, without the proper documents such as a will or trust, your beneficiaries are subject to either probate or administrative proceeding to receive their inheritance. Furthermore, a minor who stands to inherit will have no say over such inheritance until they come of age, and a guardian will be put in charge of their finances. A good estate plan allows you to choose who that guardian will be and how your monies are to be used for the benefit of your minor children.

This is why estate planning is a must, especially when families have minor children. Thru careful planning, you can protect and ensure that your children are well taken care of and hopefully not taken advantage of due to their inheritance.

Protection of Your Assets

Well, we love our belongings. Even if it is a small co-op or a big house, whatever we own is dear to us, and we want it to be taken care of when we are not around anymore. Estate planning is the perfect tool for ensuring that your assets are kept safe. A good estate plan can protect your hard-earned wealth from creditors and see that upon your death when the assets pass to your loved ones. They pass outside of the marital property and their creditors.

Protection of assets is essential as it makes sure that your heritage is kept safe and will continue to flourish long after your demise. In this respect, estate planning is the only and best option for asset protection.

Conclusion!

We hope that this article has given you a brief idea of how estate planning is essential for all of us. The best time for estate planning is now. The sooner you do it, the better it is. Then, you will be at peace knowing that your assets are distributed according to your wishes, safeguarded, and preserved for your loved ones.

There is a common perception that estate planning only includes a will or a trust in someone’s or some organization’s name. But it is not true at all. There are many features associated with an estate plan. You can do a lot in your estate planning.

Also, remember that estate planning is not only about wealthy people. Estate planning means giving your belonging to another person after your death. This belonging can be anything, and it does not have to be a costly house or a car. So, keeping in mind that estate planning is for all of us, this article gives you a brief idea of the elements that an estate plan includes.

What Is Estate Planning?

Estate planning is distributing all your belongings to any person or any organization through legal documentation. People mainly do this to protect their beneficiaries and their assets.

Must-Have Contents in Estate Planning!

Here are some of the must-have things in any estate planning:

Wills or Trusts

A will or a trust is a must in estate planning. Even if you do not have any substantial assets, you must have a valid will or a trust where you have distributed your belongings as per your wishes. Sometimes having a confidence puts a limit on the estate taxes.

Now, proper documentation is essential for a will or a trust. You need to be very careful while distributing your assets to your loved ones. Any small mistake can lead to confusion, resulting in legal contests among your relatives. And this scenario could end up being very messy.

Having A Durable Power of Attorney

Making someone else a power of attorney is very important while still alive. For example, if you are mentally incompetent, the court might take your assets and give them to people you did not want to. So, to avoid such situations, you need to have someone else who can make decisions on your behalf.

Most people let their better half take the position of power of attorney just for convenience. But you can choose anyone in the family who you trust the most.

Beneficiaries

Your insurance plans and savings account can be passed outside of your will. So, it would help if you chose the proper beneficiaries for these accounts. But, on the other hand, if you do not happen to have any beneficiaries, the court tends to take such cases after your death. And the decision of the court might not be the same as yours. So, it is always better to have beneficiaries registered as soon as possible.

Remember that the beneficiary must be more than 18 years old, and they should be mentally competent.

Letter of Intent

A letter of intent is a letter that you can leave to your beneficiaries stating what you want them to do with your possessions and belongings. This kind of document is not valid in front of the court, but definitely, it holds a lot of value to the beneficiary. This letter helps in the distribution of your assets and also portrays your intentions to everyone in the family.

Healthcare Proxy

The healthcare Proxy gives another person the power to make healthcare decisions for you. You must be sure that the person with the healthcare power of attorney can be trusted entirely and that they would make the best decisions for your health on your behalf.

SOME IMPORTANT POINTS!

Conclusion!

Having estate planning is a necessary step so that all our loved ones can be protected after we are gone. This also ensures the well-being of our hard-earned heritage as well. We hope this article has given you a good idea of estate planning and what it constitutes.

After hearing the term estate planning, most people think that it is just for the wealthy. People with a considerable amount of money are the ones that care about what they pass on to others. While the billionaires and millionaires do have a knack for estate planning, they are not the only ones that can benefit from a good estate plan. Yes, you non-billionaire can benefit from planning; you don’t have to be super-rich and successful in distributing your possessions. Estate planning has very little to do with being rich.

Planning Your Estate

When you are going through the estate planning process, it means that you get to decide how your possessions of yours will be distributed after your death. There is no doubt that it will also decrease the burden that your loved ones have to take when making decisions such as property division. Regardless if you own a small co-op or a portfolio of buildings, don’t you want to control who gets what?

List The Assets That You Have

Having a proper estate plan is an effective and efficient method to ensure that the whole estate planning process goes smoothly. However, everything isn’t as easy as it seems. First, you need to make sure that you form a list of the things that you own. This could include real estate, investments, family heirlooms, bank accounts, vehicles, etc. You also need to ensure that you keep updating this list of yours periodically. Then, you can keep on adding the things that you acquire as your property.

Making A Will

This is one of the most important things you need to include in estate planning. Your will would be the ultimate legal document that you need for the process. This written document would dictate the entire distribution process of the property you have after your passing. In case your death occurs before the creation of a valid will, the state law has the authority to govern the entire distribution process of the estate. Also, the state law can decide who is eligible or capable of becoming the guardian of your children that are minors.

Update The Beneficiary Information

Here is the one crucial thing without which your estate planning process will not be complete. It would help if you made it a particular event annually to check and update the beneficiary information for sure. This can save your family and loved ones from probate costs and the additional burdens that come with it.

With an intelligent estate planning process, anyone would be able to do it in the best way. You don’t necessarily have to be rich, as proved in the above points. All you need to do is have some property that can be distributed amongst the people you love and trust. The process is entirely straightforward.

Having An Up-To-Date Estate Plan Is Important For All

The wealthy people and commoners can take part in the estate planning procedure. We are here to tell you that having an estate plan is essential and efficient and an integral part of one’s consideration when contemplating retirement. There are so many different benefits that one can get from creating a proper and effective estate plan. Here we are going to mention some of these right now.

Conclusion

Having an estate plan is not just important for the wealthy but also for mediocre property owners. This helps establish proper relationships between your loved ones and settles property distributions after your death.