Farmington Estate Planning Lawyer
Many people put off estate planning until it is either too late, or they delay to the point where they cannot take advantage of some of the more beneficial tools, such as strategic gifting to spend down their taxable estate. We encourage you to take action now. Estate planning does not have to be hard, but the complexities of it should be handled by an experienced Farmington estate planning lawyer, such as Brian S. Karpe.
An Attorney Can Help You Draft a Legally Binding Will
A will establishes beneficiaries and how assets should be distributed, names guardians to minor children, lays out your final wishes, and more. Wills are an essential part of all estate plans. However, it is important that your will—and any modifications that you make to it—is legally binding, and that it will withstand any potential challenges in probate. While it may seem unlikely to you at this time, there is a chance that the parties receiving inheritance will disagree with one another and the will after you pass away. This is particularly prevalent when testators have had multiple marriages, make large changes to the will, or when there are vast sums or real estate at stake. An attorney will ensure that your will withstands all challenges so that your last wishes are respected and carried out by your executor.
Trusts Do Not Go Through Probate
Not only do the funds within trusts not go through probate—and are therefore almost certainly to be passed down in accordance with your wishes—but they also provide financial protection to your assets, maximizing the amount that your loved ones or charities receive. Depending on the types of trust you create and fund, you can keep creditors and lawsuits clear of your assets. Trusts can also be used to minimize or eradicate estate tax, create an income for you in old age, and enable you to qualify for Medicaid’s long term care benefits or other government programs that you would not otherwise qualify for due to the amount of your assets or income.
Planning For a Worst Case Scenario
Estate planning also involves planning for serious injuries/illness, as well as end of life care. A durable power of attorney, which names a person to handle your financial affairs in the event of an incapacitating event, is particularly beneficial for those who own businesses, while a healthcare power of attorney is a safeguard for those suffering from illnesses, as it names a person or proxy to make important medical decisions on your behalf if you cannot do so yourself.
Call a Farmington Estate Planning Lawyer Today
Estate planning is not something that should be taken on alone, just as it should not be avoided. By working with an experienced and knowledgeable attorney, you can create the ideal estate plan for you, your spouse, and your loved ones. To safeguard your future and prepare your loved ones for your eventual passing—even if it is a long way off—we urge you to contact Farmington estate planning lawyer Brian S. Karpe today at 860-217-1458 to schedule a free consultation.