The Importance of Estate Planning in Garner
Talking about estate planning isn’t fun, it’s not exciting, and in fact, talking about the idea of writing a will or thinking of who will get custody of your children scares most people. It’s a reminder that we aren’t going to live forever. Most people wait and put off thinking about having a will drawn up until they’re older, thinking there is plenty of time to worry about it, while a surprising portion of the population don’t think they need a will at all.
Even if you’re young, healthy, don’t own property, or don’t have children, estate planning will protect you and your loved ones in the event that you’re incapacitated or your pass away. For example, if you’re in an accident and on life support, in your estate plan, you would have a power of attorney to make choices for you and address your wishes. Otherwise, you could be left on life support for years or force your family to make a difficult choice on your behalf.
What is Estate Planning?
Your estate plan is simply the collection of documents that state your exact wishes regarding your health care and how your property in Garner and your personal possessions are divided. These documents often include:
Will and Trust
A will is the most commonly known part of estate planning. It’s a written document naming the beneficiaries of your possessions – basically, a “who gets what” document. This can include naming the beneficiary of your 401k, your home, car, jewelry, and even your pets.
Power of Attorney
Naming a person as your power of attorney means someone can act on your behalf if you’re incapacitated or are unable to do so, like enter financial transactions, buy and sell real estate, or make legal decisions. In many cases, a spouse, parent, or adult child will act in this capacity. However, it really just needs to be someone you trust to act in your best interests.
Healthcare Power of Attorney
A healthcare power of attorney is the person who can make important choices on your behalf. This can be the same person as your power of attorney, but it’s important to specify. When you pick this person, it should be someone you trust completely and have talked about your wishes in the event you’re incapacitated.
This can be included in your will or separately, but if you have minor children or children with special needs who you care for, naming guardians is an absolute necessity. Without naming someone to care for your children, a family member you don’t approve of could be awarded custody or they could even end up in state care. When selecting a guardian, it’s important to choose someone who is both willing to and financially capable of caring for your children.
Why Do You Need an Attorney in Garner for Estate Planning?
At Schweizer & Associates, we’re sometimes asked if they can just draw up their will themselves. There’s nothing stopping you from doing your own estate planning. However, an experienced attorney can ensure that off of your paperwork is done correctly and comprehensively to guarantee that in the event of your passing, your family will be taken care of quickly and can efficiently deal with probate, estate taxes, and estate administration.
With our estate planning, we make sure all of your paperwork is in excellent condition and without question, in order to efficiently administer your estate and allow your family to inherit as you wish and move forward without stress.
Planning your estate allows your heirs to get their inheritance without the IRS taking a massive piece out of it. We’ll set up legal and ethical methods that will reduce the tax burden your beneficiaries would otherwise be stuck with.
Estate administration is different than estate planning and involves assigning someone to collect the assets, pay off debts, and distribute property. Often, the executor or administrator will act in this capacity. Estate administration can often be a stressful, drawn-out experience. Working with an attorney to provide administration services will make sure the process is done correctly and goes smoothly.
Compassionate Estate Planning from an Experienced Garner Attorney
At Schweizer & Associates, we understand that planning for the future is a scary process. However, with our expertise and guidance, we can turn that fear into confidence, knowing that in the event of a tragedy, your family will be cared for as best as they can be. We do more than just the “who gets what” aspects of having a will. We’ll work with you to make sure you can:
- Pass your values on to your children and grandchildren, such as religious or education wishes
- Provide for loved ones for generations, providing
protectionsfrom creditors, poor financial decisions, and divorce.
- Set up plans for family members with disabilities or special needs without affecting government benefits, like SSI.
- Create a plan for your business.
- Arranging for your pets care.