What Is Estate Planning?

Estate planning is an area of the law that many people are familiar with but few people understand well. To most people, estate planning is an area of the law that only those with a significant amount of wealth or assets should ever concern themselves with. As such, most people believe that estate planning is not an area of the law that applies to him or her. This could not be further from the truth however.

Estate Planning is For Everyone

As discussed previously, traditional estate planning has one primary focus: the smooth transfer of assets from one person to the next after the person passed on. However, today’s understanding of what is in a person’s estate has changed and therefore modern estate planning includes more than just how to transfer assets while minimizing taxation. Estate planning now focuses on giving you control and security in uncertain situations while ensuring there is a safety net in place in case the worst happens.

Making Your Wishes Known

A large part of estate planning focuses on planning for your incapacity, such as if you are in a coma after a car accident, put under for a  surgical procedure or have dementia. This can either be a mental or physical incapacity. Chances are that at some point in your lifetime you will become incapacitated, either for a brief period or more permanently through aging or disease. When this happens, having the proper documentation and plan in place can help in a number of ways. It can:

  • Ensure Your Wishes Are Respected

  • Ease the Emotional and Financial Burden on your Family

  • Continue Smooth Management of Your Lifestyle and Family

  • Put Caretakers in Place Ahead of Time in Case of Emergency

Taking Care of Your Family

Taking good care of one’s family is often one of the most important objectives that a person has in their life, especially if they the primary caretaker or there are dependents involved. Whether those dependents are elderly parents, children or spouses, it is very important that no matter what the situation is, they are adequately taken care of.

Despite this goal, many people fail to plan for the inevitable or for an emergency or situation. When a parent or caregiver passes away or becomes incapacitated themselves, it can cause stress and confusion for the rest of the family. Planning your estate ahead of time is the only way to prepare for the future. Failing to plan your estate will only serve to increase the emotional and financial toll on your family.

Estate Planning Can Be Simple

The first step to planning your estate is simple. Contact an estate planning attorney today. A good estate planning attorney will be able to guide you through the process, address your concerns and put together the necessary legal documents that everyone should have.

If you have any questions about estate planning or would like to schedule an appointment to plan your estate, please feel free to contact the offices of Steciuch Law.