What is Estate Planning and Do I need it?

The topic of Estate Planning refers to the process of making arrangements in advance for the management and distribution of a person's assets and properties after their death or their incapacitation. It involves creating legal documents such as wills, trusts, powers of attorney, and healthcare directives (i.e., living will) to ensure that a person's wishes are followed and their assets are distributed according to their preferences.

Estate planning also involves minimizing taxes and other expenses, as well as providing for the care of minor children or other dependents, if any. It can involve various strategies to protect assets and provide for loved ones, such as gifting, creating trusts, and setting up life insurance policies.

Estate planning is an important process that can help ensure that one's assets are distributed according to their wishes, minimize the stress and financial burden on loved ones, and provide for the future well-being of family members and dependents.

Another aspect of Estate Planning is called Probate.  Once a person passes on, Probate is the legal process conducted in court that determines the validity of a deceased person's will and ensures that the assets of the estate are distributed according to the terms of the will or the state laws in the absence of a will. The probate process involves identifying and valuing the assets of the deceased person, paying debts and taxes owed by the estate, and distributing remaining assets to heirs and beneficiaries of the will.

Should you have questions regarding Estate Planning, Wills, Trusts or Probate, feel free to give Simon Law Group, LLC a call for a free consultation at 800-709-1131 or you can fill out this form and we will contact you to speak with an Estate Planning Lawyer.