Estate Plans – Why You Need One

When you think of the word “Estate” does it bring to mind visions of mansions with gardens and tennis courts? The average person, even if a property owner doesn’t usually think of his property as an estate. The fact is, when you die, all of your real property and assets as a whole are considered your estate. This is precisely why you need an estate plan.

 

Definition of Estate :

Property or possessions.

  1. the legal position or status of an owner, considered with respect to property owned in land or other things.
  2. the degree or quantity of interest that a person has in land with respect to the nature of the right, its duration, or its relation to the rights of others.
  3. interest, ownership, or property in land or other things.
  4. interest, ownership, or property in land or other things.
  5. the property of a deceased person, a bankrupt, etc., viewed as an aggregate.

 

While you’re living, you’re in control of your estate. You decide what happens with your property, your business or investments. If you want to buy, sell or invest, you have the right to do so. But what happens after your death? You can tell your spouse, children or business partner your wishes, but unless you create a legally binding document stating your wishes, your survivors and heirs have no way to prove them to the probate court. If you die without a will, probate can literally take years. What will happen to your family in the meantime? This hardship and stress for your loved ones can be avoided by being proactive now.

You can set up a living will or living trust that sets out in legally binding terms exactly what you want done with your assets when you die. This estate plan is also a way for your surviving heirs to avoid paying high taxes and fees to the state and probate court. The process is not difficult. You simply decide how you want your assets distributed, and how you will fund your estate plan, then have an attorney create and file the proper documents with the state.  If you don’t already have a business consultant or attorney to advise you , this might seem like an expensive proposition.  Rest assured, the time and money you spend now to create your estate plan will save your heirs a great deal of money later on.

You’ve heard the term “putting your house in order?” You don’t need to be ill or even elderly to put your house in order. If a sudden illness or accident should befall you, would your family be protected? What about your home or business? Would your spouse know what to do about the assets you’ve acquired over your lifetime? How would your child(ren) be affected? Do you have a college fund, what will happen to that? Have you protected those investments you’ve made through the years? An estate plan in the form of a living will or living trust is the best way to make sure your family’s future is secured should something happen to you.

 

You can streamline the process of creating your estate plan by having a FREE phone call with an attorney and using http://www.uswillsandtrusts.com to create a comprehensive plan for your family and loved ones. Protect them now for the future by getting this done in time. Visit our site at http://www.uswillsandtrusts.com or call and talk with an Estate Planning attorney FREE OF CHARGE at 714-584-7492.