A Beginner’s Guide to Estate Planning
Introduction
Most people have heard the term ‘estate planning’ before, and have heard things like ‘it’s good to have a plan’. But just what do those things mean?! What kind of plan do those vague sayings refer to, and why is having one important? While we at Leo Law can’t clear up any ambiguity surrounding the nature of the elusive ‘plan’, we can provide advice on the specific topic of estate plans!
What is Estate Planning?
Estate planning involves the division of your estate, or your assets, after you pass on. ‘Estate’ does not just refer to your house and land, but your financial assets and possessions, as well. According to the American Bar Association, “Estate planning covers the transfer of property at death as well as a variety of other personal matters and may or may not involve tax planning. The core document most often associated with this process is your will” (ABA). Wills and estate planning are inexorably intertwined; your will is the document communicating how you want your estate divided, as well as any clauses or caveats you want to include!
Why Does It Matter?
If you have no written plan in place about how you wish to divide your estate once you’ve died, either your family will have to decide amongst themselves, or the government will make the decision through the court. It is far more cut-and-dried if you have expressed your wishes beforehand. Furthermore, with an estate plan, you can be certain that your assets are divided exactly as you wish, without placing undue stress on your surviving family members.
What Are My Options?
You can certainly carry out your estate planning on your own; no one is stopping you! However, unless you have the know-how, it may be best to consult a professional, or at least someone with experience. Navigating the myriad laws of property rights, taxes, wills, probate, and trusts without any experience may prove to be far more trouble than it’s worth! Furthermore, any do-it-yourself kits for wills and estate planning cannot offer the legal advice and insight that a legal professional can, nor can they ensure that the form is correctly filled out and will hold up in a court of law. It’s better to leave some things to the professionals!
Conclusion
Thinking about dying is rarely easy, and so preparing for it can be a task that many people put off. But it’s always good to be prepared, and taking care of things earlier rather than later will save you and your family a lot of undue stress. So don’t wait– start your estate planning journey today!
Sources:
“Lawyer’s Role.” American Bar Association, https://www.americanbar.org/groups/real_property_trust_estate/resources/estate_planning/the_lawyer_s_role/. Accessed 8 Aug. 2023.
