Estate planning is not only for elderly or the wealthy. By taking control over how you want your assets to be divided amongst your family members after your death you will be saving your family from stress, excessive taxes, unnecessary legal fights, excessive legal costs and of course family resentment and in-fighting.
By default, everyone has an estate plan. State law has defined rules on how your property will be distributed after your death. If you die without a will, you are intestate, meaning the Court will have a large role in determining how your assets are divided.
Just like many things in life, we often think that estate planning can be put off until tomorrow, but that assumption has caused a lot of families unnecessary grief. It is quite apparent that no one in their right mind plans for death. Perhaps you’re concerned that legal fees are excessive, therefore delaying the necessary preparation. Or you may have no idea about the legal procedure your family may need to go through after your death to divide your possessions and wealth that you have left for them. Your estate strategy can save them all that money and time.
Estate preparation enables you to choose how your possessions will be divided and can help your relatives avoid the hassle of a probate procedure, estate taxes, and long legal battles that can rip a household apart.
A will provides for the distribution of personal and real property owned by you at the time of your death in any way you choose. Your will cannot, however, govern the disposition of property that is beyond your sole authority like a joint home, life insurance, retirement plans and worker death benefits, unless, of course if they are payable to your estate.
Wills can be of utilized differently according to your design. There is a basic will, testamentary trust will, and pour over will, all of which have different degree of complexity and can be utilized to attain a vast array of family and tax objectives. Your estate plan is the culmination of your thoughts about the division of your assets upon your death combined with the advice of your attorney and other professionals to implement your wishes in a formal legal documents or documents. The function of the trust agreement (as opposed to straight-out distribution) is also to guarantee continued home management and creditor security for the surviving relative, as well as to give to charities, or reduce your estate’s tax exposure.
Besides offering desired disposition of your house to a surviving spouse, kids etc., your will can achieve lots of other important objectives.
- You might designate a guardian for your small child or children
- You may designate an administrator of your estate in your will and get rid of the need for a bond
- You may decide to acknowledge or otherwise attend to a child in whom you have an interest, or a senior parent, or other people.
- If you are a legal guardian of a child and their possessions under the Uniform Gift to Minors Act (UTMA), a will allows you to designate a person who will be responsible as the custodian and prevent the expense of a court appointment.
Don’t put off estate planning another day. Give the law offices of Dennis J. DiSabato, Jr. a call today to schedule an appointment.
The Law Office of Dennis J. DiSabato, Jr., LLC
3888 Renee Drive, Suite 201
Myrtle Beach, SC 29579