Learn more about the various estate planning options that MVP Law Group can provide. Contact us today for a Free Consultation to learn more!
THE IMPORTANCE OF ESTATE PLANNING!
Estate planning is the process of arranging for the management and disposal of a person’s estate in anticipation that the person becomes incapacitated and/or passes away.
An estate plan can preserve and distribute your assets during your lifetime and after your death. Estate planning is all about preserving your assets for your well-being and for your loved ones. Essential to estate planning is transferring assets to heirs and benefactors with an eye towards creating the lowest possible tax burden for them. The additional benefits of estate planning include protecting young children’s inheritance and care, providing for family members with special needs, and eliminating family messes.
Estate planning provides many different legal options including:
Last Will and Testament
Revocable Living Trust
Durable Power of Attorney
Health Care Power of Attorney & Living Will
Provisions for Digital Assets
List of Important Documents
KNOW THE DIFFERENCES BETWEEN
WILLS & TRUSTS
A Will is a legal document that instructs how you want your material and financial assets distributed after your death. With a Will, you can assign your executor (or personal representative), name your beneficiaries, designate guardians for your children, and leave instructions on when and how your beneficiaries will receive their inheritances. One must remember that Wills are submitted to a probate court in the state where the decedent last lived. If the Will is done properly, then all the probate court judge will do is ensure that that will is legal and valid.
A Trust is a legal entity that exists for the sole purpose of protecting the assets of an estate. Typically, trusts are recommended for people with significant assets. A Will will still be necessary for important aspects like appointing a guardian for your children, while a Trust will cover your estate’s finances and will allow the details of your finances to remain private (since Trusts are not part of the probate process).
How MVP Law Group can help!
Problems can occur when people don’t correctly coordinate all of the aspects of passing on their estate. If you have a well-drafted estate plan in place, you will ensure that your estate passes to whom you want, when you want, and is carried out in your chosen manner. With the right estate plan, you can rest assured that your family won’t have to endure a public process and face high probate costs. The government will also not be able to take a large portion of what you’ve spent a lifetime building. But you need to be aware of the many options that exist in estate planning – and you must choose your estate planning attorney wisely.
We offer a wealth of free information and free estate planning seminars in your area. Explore the resources available on our website, join us for a free Estate Planning Seminar, and request a Free Consultation.
We want you to feel confident about the choices you make, and we can be your guide on the path toward preserving your family’s future.