Estate planning is something most people avoid, but consulting with an experienced estate-planning lawyer is something you should do sooner rather than later, for these reasons:
No matter how good your health is now, you can never be sure when you will die. If you pass away without a will or other estate plan, your property will probably be subject to the intestate succession laws of the state in which you live, meaning it may not be distributed according to your wishes, making life for those you love more difficult. Your assets may also be subject to probate, a costly, time-consuming process that may have been avoided with an estate plan.
Nobody knows when or if they might become incapacitated, rendering them unable to make important medical decisions. A health care directive and other advanced directives can help you make plans for future medical decisions, in the event you cannot express your wishes after an accident or serious illness.
Making an estate plan may prompt action on your part, such as changing beneficiary designations on a life insurance policy or changing way a property is owned, to set your plan in motion. The sooner you can begin implementing your estate plan the better.
Although most people know about wills, there may be other estate planning tools you are not aware of, but may be critical in developing your plan. Powers of attorney (POAs), special needs trusts, and custodial accounts can all allow you to distribute your assets and the decision-making ability concerning them to those you choose.
Peace of Mind
Knowing that your final wishes are documented and will be properly implemented can be a huge weight off your shoulders, allowing you to live out the remainder of your life knowing that arrangements have been made for what happens after your death.
If you need help creating an estate plan tailored to your needs, contact a business lawyer at O’Keeffe O’Brien Lyson Foss online, or call 701-235-8000 or 877-235-8002 (toll-free) today.
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