Estate Planning - How to Preserve Your Wealth
To many, estate planning may seem like a process that only the rich have to deal with. You may believe that unless you have a large amount of money, property, or land, you do not have an "estate". In fact, anyone who has anything to his or her name, whether it is a car, a house, land, bank account, or merely a few heirloom possessions, has an estate. Estate planning is designed to give you the chance to have your property and possessions passed on to the people that you wish to have them, instead of leaving the decision up to the state. Without planning, your property could possibly be passed on to certain people or in a certain way that you do not approve of.
Don't Let the Courts Control Your Estate
Creating a will through estate planning allows you to communicate your wishes to your family even after you are gone. A will is a legal document that specifies who you would like to leave your property to. These people are your beneficiaries. It also allows you to specify how you would like your property to be passed on. Perhaps you always expected that you would give your house to your daughter, who lives close by. Or maybe you intend to pass on your treasured tools and garage equipment to your nephew who is a mechanic. You may have already made promises to loved ones to pass on some of your treasured belongings once you pass away.
While you may have made promises to relatives or communicated all of your intentions to your spouse or children, without a will your words of intent will not carry any weight. When you pass away with no will, the court will divide your property according to state intestacy laws. This means that your property may be divided among your spouse, children, and other family members without any regard for your specific wishes, because there was no written proof of what you wanted. It may just be a major misunderstanding on your part, but to the loved ones to whom you made promises, it may seem like scorn and betrayal. They may be left behind thinking that you didn't care enough about them to take the time to write a will.
How a Probate Lawyer Can Help
Don't let your promises and intentions to your family go unfulfilled. Consider talking to a probate lawyer about how you can draft a valid will and protect your estate and personal wishes. A probate lawyer can walk you through the process of drafting a will, creating trusts, taking care of outstanding debts, dealing with greedy or disagreeable relatives, and more. An experienced probate lawyer can serve as your legal advisor to ensure that your intentions are communicated properly and that your property is passed on according to your wishes.
For More Information
To learn more about estate planning and protecting your property from state intestacy, please visit us or give us a call today.
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