Many people assume estate planning is only for the wealthy, but the reality is that everyone, regardless of their financial status, needs a will, as well as a power of attorney and an appointment of a health care agent. These essential legal documents ensure your assets are distributed according to your wishes and provide clarity for your loved ones during difficult times. In this article, we will break down the importance of having a complete estate plan and how it will protect your legacy and your relatives.
What is a Will?
A will is a legally binding document that outlines how you want your assets to be distributed after your passing. It allows you to designate beneficiaries, appoint an executor to carry out your wishes, and if applicable, name a guardian for your minor children. Without a will, your estate will be distributed according to state laws, which may not align with your preferences.
Do I Need a Trust as Well as a Will?
There is a lot of misinformation that is distributed about trusts. Not everyone needs a trust. For this reason, it is important to consult an attorney about your individual situation and see if a trust will help accomplish your goals. There are different kinds of trust. Revocable trusts, if used correctly, can streamline the probate process. They can also help to simplify the split of assets where the parties both have children from previous marriages or relationships. Irrevocable trusts can help protect assets if someone needs long term care. Special Needs trusts allow a parent or any other relative to provide for a disabled individual without disqualifying them from benefits such as Social Security. Pooled trusts can help qualify individuals for state assisted home care.
When Should You Create a Will or a Trust?
Estate planning is not just for the elderly. Life is unpredictable and none of us has a crystal ball to know if we will have health challenges or even die prematurely. Consulting with an experienced estate planning attorney ensures that your estate plan will be legally sound and tailored to your unique circumstances. At Farrell & Grochowski, our attorneys have over 55 years of experience guiding clients through the estate planning process. We provide the peace of mind that your wishes will be honored and your legacy protected.
Secure Your Legacy Today
No matter your age or financial status, having an estate plan is a responsible step toward securing your family’s future. Don’t leave your estate to chance, start planning today with the help of our legal experts.
For personalized estate planning advice and other legal matters, contact Farrell & Grochowski: https://farrellandgrochowski.com to schedule a consultation.
