Estate planning services are best defined as the process of deciding what happens to you, your family, and your possessions upon your passing. You might think that there are no legal issues involved in making decisions about your property and finances, but there are many important questions to consider when creating an estate plan. This includes deciding whether you want to use trusts, wills, living trusts, power of attorney, healthcare proxy, or some combination of these resources.
You don’t need to wait until you’re old or sick to start thinking about your estate plan. In fact, it’s often a good idea to establish a plan sooner rather than later.
There are several reasons why starting now makes sense. For one thing, you’ll save money on taxes when you create an estate plan sooner in life because you could avoid paying capital gains tax on your investments. In addition, you can avoid probate court and reduce the risk of losing control over your affairs during your lifetime. If your heirs end up having a dispute over your estate, it could be resolved much faster without the involvement of the courts if you have an estate plan in place. And most importantly, you have the assurance that your wishes will be carried out and your loved ones will be protected.
Legally, it is best practice to make certain documents such as a will, a health care directive, durable power of attorney, and a living will. These documents can help protect your interests and those of your loved ones.
Things You Need for an Estate Plan at Any Age
Estate planning is an important step for anyone regardless of income. But there are certain things you’ll want to consider no matter where or how you live. Here are five basic steps to take to ensure your final wishes are carried out.
- Make sure your will is up to date.
- Consider a living trust.
- Set up health care proxy forms for yourself and others.
- Decide how to distribute assets among beneficiaries.
- Update beneficiary designations.
When Should I Start my Estate Planning?
The best time to begin thinking about your estate plan is now. Neglecting this important act of love could negatively impact the future financial stability of your family and loved ones and cause additional stress in an already painful time. If you wait until you are older or sicker, you could find yourself unprepared at an unexpected, critical moment.
Estate planning services involve many different components. As you develop your plan, you and your estate planner will gradually work through a variety of important estate planning documents including health care directives, living wills, powers of attorney, asset protection, charitable giving, and probate options. With so much to consider, there’s no reason to delay.
Tasks An Estate Planning Attorney Can Help With
An estate planning attorney can provide assistance throughout the entire estate planning process. They can advise you on the best ways to protect yourself against unforeseen circumstances, such as long-term care costs, and help you plan for the future. An estate planning attorney can also help you design a comprehensive estate plan, including all the necessary documents you need for any situation. You can also use an estate planning attorney to help you establish a trust to hold assets while minimizing taxes.
Are you Ready to leverage Estate Planning Services with our Experts?
The professional legal team at Fusion Legal & Tax is well-equipped with years of experience to set up a reliable estate plan. With our seamless estate planning services, you’ll have everything you need to be set up for the future.
It’s never too early for peace of mind. Contact Fusion Legal & Tax to set up an estate plan today.