Answers To The Most Important Estate Planning Questions
Proper estate planning is critical, and you do not want to overlook even the smallest detail. It is very important to ask all of the right questions during the process so that you can plan effectively for every possibility.
Here at CC LawGroup, A Professional Corporation, our estate planning attorneys have more than 25 years of experience guiding people in Newark and the surrounding area as they craft their estate plans. Below are a few key questions and answers to get you started:
What Elements Should Be In An Estate Plan?
Every estate plan needs to be uniquely designed for each individual, but key components could include a will, a trust, an advance directive, a heath care power of attorney and a legal power of attorney. Visit our office to begin building your custom estate plan.
Why Do You Need An Estate Plan?
An estate plan helps ensure that your wishes are honored after you pass away. It also helps avoid sibling disputes and a lengthy probate process. You can reduce the tax burden of your estate so that more of your assets pass on to beneficiaries or charities of your choice. You can also account for all of your end-of-life decision-making, in the event that you are unable to make these medical and financial decisions yourself.
How Does An Estate Plan Stop Disputes?
An estate plan may not stop all disputes, but many arise because heirs disagree on what you would have wanted. They have to go to court to debate it and sort it out. When your plans and desires are down on paper, it helps to keep your heirs on the same page and makes them less likely to fight over the estate.
What Can A Trust Accomplish?
The flexibility you get with a trust is incredible. You can create both revocable and irrevocable trusts. Common types include educational trusts, special needs trusts, incentive trusts and age-based distribution trusts. Essentially, you can create a trust to ensure that your heirs use your money exactly how you want them to.
Can You Change Your Estate Plan?
Absolutely. In fact, it is wise to update your estate plan after every major life event. This could include things like getting married, getting divorced, having children, getting injured, getting sick or inheriting a large amount of money for yourself.