Nobody wants to dwell on the possibility of dying, and what will happen to loved ones, family and property after a passing. However, a total lack of planning can lead to a myriad of unfortunate circumstances if an unexpected tragedy occurs. By creating an estate plan with the help of a skilled law firm, like Mobley and Brown, LLP, you are ensuring that your family can move forward carrying out your intentions after you’re gone.
What Is an Estate Plan?
Estate plans are your instructions for what should happen to everything that you own after you’re gone. These legal documents can include instructions for cars, real estate properties, savings accounts, furniture, life insurance, personal possessions, investments and anything else of value that an individual owns. Estate plans can also include additional preferences, like burial instructions, payment for final expenses and wishes in the event that one becomes incapacitated and unable to make medical decisions.
Why Does Every Person Need an Estate Plan?
- Avoid Probate: Probate is what occurs when an estate plan was not in place, and the local court is responsible for dividing up the assets of a deceased individual. Because probate is a legal process, it can take a great deal of time to complete. Your assets may not reach loved ones for years or more after death if the estate enters probate.
- Reduce Taxes: With a little bit of planning, many couples can reduce or eliminate federal and state estate taxes by setting up trusts as part of a will. Don’t let what you leave behind be ravaged by taxes before being put to good use by your loved ones.
- Designate Beneficiaries: Who do you want to take care of after you’re gone? An estate plan allows you to designate and protect beneficiaries, whether they are minors or adults. By clearly stating your intentions, you can prevent a wealth of family discord and legal expenses.
What Does an Estate Plan Include?
- A Will
- A Durable Power of Attorney (DPA)
- Healthcare Power of Attorney (POA)
- Living Will
- Letter of Intent
- Life Insurance Information
- Trusts (Including Living Trusts)
Protect Your Assets with Mobley and Brown, LLP
If you are interested in planning for the future of your family and protecting your assets, contact Mobley and Brown, LLP today. Our experienced legal team will work with you to meet your needs. Call us now at (410) 261-4952 or toll-free at (833) 355-9897.