Death is difficult for the individual’s loved ones and the last thing they need is a complicated legal process surrounding the individual’s estate. Proper estate planning will allow for protection of both your assets and your loved ones. This will help to make an emotional transition function as smoothly as possible.
What is Your Estate?
Many people assume that estate only consists of real estate, so if they don’t own property, they don’t need estate planning. Estate actually includes everything you own, including:
- Houses and other real estate property
- Bank accounts
- Life Insurance
- Personal Belongings
Proper estate planning will allow you peace of mind, because you can be confident that your assets will be allocated to your loved ones according to your will. A documented will is not the only aspect of estate planning. Every asset listed on the document will go through the state’s probate system. This can lead to lengthy legal processes, which can be difficult for the individual’s loved ones.
What is Estate Planning?
Estate planning is exactly what it sounds like. Through estate planning, you create a plan for what will happen to your assets after you die. There are plenty of applicable taxes and legal fees that may impact the distribution of your assets. An experienced lawyer will be able to inform you of any potential taxes or fees that may affect your loved ones.
Ulrich & Associates partners with Ulrich Law, PLCC to offer discounted legal services. These services can be vital in protecting your assets, as well as determining the most efficient distribution of your assets in the event of your death.
*Disclaimer: Ulrich & Associates does not render legal advice and Ulrich Law, PLCC is a separate law firm that does not engage in fee sharing with Ulrich & Associates or other non-attorneys.