Estate Planning Is Essential, So Don’t Delay
People don’t like to think about death. But when that time comes, most would agree that they want things to be as easy as possible for surviving family and loved ones. Despite this, an overwhelming number of people admit that they have not completed estate planning.
Estate planning establishes how assets will be settled after death, including who receives assets, and how and when assets are distributed. Regardless of the reason for putting off this essential task, attorneys at Froerer & Miles in Ogden, UT, urge that people don’t delay estate planning.
Am I Too Young for Estate Planning?
When people are young and healthy and busy living their lives, the last thing they may want to think about is estate planning. Why focus on something like that when death seems so far away? Everyone hopes to live long fulfilling lives, but it is always better to create an estate plan when you think it is too soon rather than wait until it is too late. Estate plans can be changed at any time prior to death, so individuals can adjust their plans as necessary if their circumstances change over time.
Do I Need Estate Planning if I Only Have One Child?
Individuals with only one child may believe that they do not need estate planning, because their assets will automatically pass on to their sole heir. However, estate planning does more than designate who gets the assets of an estate. It also establishes how assets are distributed. For instance, will assets be distributed all at once, or in annual increments. If the child is a minor, who will manage assets until they are 18? And who will take custody if the child is a minor at the time of their parent’s death? These are all questions that can be answered through estate planning.
What if I Don’t Have Much to Pass on?
Another reason our Ogden clients may feel like they can delay estate planning is because they don’t think they have enough assets to pass on. No matter how small an estate is, it can take a lot of work to administer. Estate planning can handle issues such as how personal property is distributed, how bills are paid and subscriptions are canceled. It can also include funeral arrangement details.
Estate planning also addresses issues that have nothing to do with money or property. Estate planning can:
- Name a guardian for minor children
- Give power of attorney so that someone can make financial and medical decisions on your behalf if you become incapacitated
- Establish wishes for end-of-life care
Is Estate Planning Worth the Cost?
Like any legal service, it can be costly to take care of estate planning. However, it is often not as expensive as most people would imagine. And people can lose more money by avoiding estate planning. If the deceased has no will or other estate planning measures in place, their assets will go into probate. Probate can be a long, drawn out, and costly procedure, not to mention extremely stressful for surviving loved ones.
I Don’t Know How to Complete Estate Planning
It is not necessary to complete estate planning on your own. Estate planning attorneys at Froerer & Miles assists their Ogden clients with a comprehensive range of estate planning services, including wills, living trusts, estate planning taxes, probate, and estate administration. They make the process easy, so that people can have the peace of mind knowing that things will be taken care of for their families.
Contact Froerer & Miles
Estate planning is essential, so don’t delay. To learn more about estate planning or to get things started, contact Froerer & Miles online, or call (801) 621-2690 to schedule a consultation.