Proper estate planning ensures protection for your loved ones and your legacy after you've passed away. A variety of factors come into play when designing your will or trust. Levy, Stieh, Gaughan & Baron PC, a law firm in Milford, PA, for more than a decade, discusses what to bear in mind when drawing up your estate plans.
3 Considerations for Designing the Right Estate Plan
Anyone of any age can benefit from a comprehensive estate plan, as you’ll receive peace of mind and make your decisions legal and official. But generally speaking, younger people do not have the resources middle-aged and older individuals do. This means a more basic estate plan, such as a straightforward will, may be better for younger adults, while larger and more detailed plans are necessary for middle-aged and older people.
2. Income & Assets
Your income level will determine the extent of protection you need from estate planning. If you have even a moderate income and own property, you will want to think about your other options in addition to a will. A living trust is helpful for transferring ownership of property without the interference of probate courts, and there are various things you can start doing today to reduce potential estate and death taxes. Your estate planning law firm will customize the solutions you need to protect your assets.
If your kids are still minors, think about who you want to care for them in the event of your death. Talk to your spouse, discuss the matter with the caregivers you've chosen, and make the decision legal by putting it in your estate plans. If your children are older, you still likely want to take care of them in some way. Most people do this by leaving their children specific money or property, which is also defined through your estate plans.
The right estate plans are easy to create with a dedicated law firm. Call Levy, Stieh, Gaughan & Baron PC at (570) 296-8844 or visit their website to schedule an appointment. They also offer representation in family law, criminal law, and personal injury matters.