Protecting Your Legacy: The Importance of Effective Estate Planning with the Help of an Estate Planning Attorney
Effective estate planning is emphasized by estate planning attorney Joseph Hudack, who warns that calamity may result from inadequate planning. You only need to watch a telenovela or read Dickens’ Bleak House to see the tragedy and melodrama that a lack of estate preparation may bring about. The first step in surviving these kinds of catastrophes is to have effective estate planning documents ready, but there are still a number of dangers that could frustrate your plans.
Family strife is the biggest threat to a peaceful succession, according to a TF Wealth survey of more than 100 estate planning experts. If the estate plan treats children differently, it’s frequently assumed that a mistake was made when the paperwork was written or that the parent was the victim of undue influence. Even if it might not the case, without your supervision, family members might start to mistrust one another.
Your estate will be governed by the intestate laws of your state if you have not done any estate planning or if what you have done has failed. Your heirs and the distribution of your assets are predetermined by these laws. These statutory programs may be effective for some people, but they will have negative effects on persons who have been married more than once, have children from previous relationships, or need further asset protection for their children. If you haven’t done any estate planning, the government will simply receive your inheritance and your legacy.
You need to be aware of what a successful estate plan looks like in order to make sure that your wishes are being followed and protected from constant threats.
There should be no shocks in this situation. Be forthright and honest if you decide to treat kids or other family members differently. It could be beneficial to discuss your preferences with those people before you pass away so that they are aware of the rationale for your choices. It’s crucial to share your strategy and motivations with your attorney, even if you decide against having such a conversation, so that the plan may be created to carry out your intentions.
It will only cause resentment and bad feelings to watch inheritance go due to taxes and fees. You want your estate plan to benefit your loved ones, not the government, nor the other way around. Working with an experienced estate planning lawyer can guarantee that your assets are managed in a way that reduces or eliminates the expenses associated with your passing and any income or estate taxes.
A Chosen Representative
It’s probable that as you become older, you won’t be able to take care of everything on your own and will need some help from a loved one, whether it’s with your finances or your medical care. Find a trustworthy person who is aware of your needs and wants. Never rely solely on someone because they are most practical. Additionally, don’t count on everyone knowing who you want in control. By employing a trust, a will, and a power of attorney, you must make sure that the right authority has been issued.
Ensure that Everyone Gets What You Want
Your possessions might stand in for your legacy in some way. Think long and hard about how and what you want to share with your loved ones. Consider giving a justification as to why someone is receiving a specific inheritance in order to make sure that your legacy is transmitted meaningfully. Even if you are no longer with them, they could appreciate hearing your aspirations and dreams for them and their future if you have any wishes regarding how they spend a financial gift.
Documents Are Current
Life can shift suddenly. With each change in your life, you must examine your estate planning documents (i.e. birth or death of a family member, purchase or sale of a major asset, change in health, etc.). Additionally, it is crucial that we maintain contact. When these significant life changes take place, get in touch with us, and we’ll let you know when the law changes. This will make it more likely that your legal documents will remain valid and that your wishes will be honored.
We’re Ready to Assist
Create the foundation that some planning requires. Also, save the melodrama for watching. Call Hudack Law at (877) 314-4309 right away. For more information, go to Hudack Law Estate Planning Attorney (open link in new tab) and areas of service (open link in new tab). We proudly serve California and Arizona.