Estate planning isn’t just for the wealthy. If you have assets, whether it’s a vacation home or investment account, you can benefit from having a solid plan in place. It allows you to dictate how your assets will be distributed upon your death and ensures your loved ones will be taken care of. To give you a better sense of what’s involved, as well as some of the advantages, the attorney at Christena Silvey Coleman CSC Law, LLC, offers a brief guide below.
What’s Included in an Estate & What It Can Do
An estate includes all the assets you own by the time you pass, such as your bank accounts, homes, cars, valuables, life insurance policies, and stocks and bonds. The documents you put together do more than identify your beneficiaries. If you plan ahead, you can reduce the amount of taxes your heirs have to pay before receiving your assets; appoint a guardian to your minor children; provide instructions for your medical care should you become disabled; include your preferred funeral arrangements; provide for family members with special needs.
What Happens if You Don’t Have an Estate Plan?
If you don’t have an estate plan in place upon your death, the court will likely give a share to your spouse and children. Because your partner will only receive a portion of your estate, he or she might not be able to make ends meet. Further, if you become disabled before you die, the court will decide how your assets are used to take care of you, which can get expensive and may not reflect your preferences. Drafting a plan with the help of an attorney can give you peace of mind that your wishes will be respected, and your loved ones will be taken care of after you pass.
If you are looking for an estate planning attorney, turn to Christena Silvey Coleman CSC Law, LLC. She has been helping families in the West Plains area plan their estates for over 20 years. She provides quality legal guidance to ensure your best interests are protected and your document contains no errors nor room for interpretation. Schedule a free consultation by calling (417) 257-2889. Visit her website to learn more about her background in this practice area.