Estate planning is no one’s favorite topic. However, in order to protect your family and your assets, it is a topic you must consider. Regardless of your circumstances, you need to consult a qualified attorney who has experience with these issues.
About Estate Planning
Estate planning is a practice area dedicated to planning for the disposition of an individual’s assets after his or her death. Estate planning tools are also used to provide for family members left behind. Examples of common estate planning tools include:
- Wills – A will is a document that describes how an individual’s property is to be distributed after his or her death. This document can also be used to name a guardian for your children, determine how your debts will be paid and name an executor for your estate.
- Revocable Trusts – A revocable trust is an arrangement in which an individual transfers property to a separate legal entity to be held until after his or her death. Because the trust is revocable, the terms can be changed at any time during the creator’s life. Revocable trusts can also help the creator’s estate avoid probate, which is an expensive and lengthy court procedure sometimes required to process a deceased person’s estate.
- Irrevocable Trusts – An irrevocable trust is similar to a revocable trust in that it allows an individual to transfer property to a separate legal entity to be held until after his or her death, and it can keep the deceased person’s property out of probate. However, because the trust is irrevocable, its terms cannot be changed easily once it has been created.
- Power of Attorney – Power of Attorney allows an individual to designate another person someone else to make decisions on his or her behalf if he or she is unable to do so.
Consulting a Lawyer
If you don’t yet have an estate plan, it is important to consult an attorney as soon as possible. Having a solid estate plan in place will ensure that your loved ones are cared for after your death and that your assets are transferred to the right people. Here at Olga Lankios-Cruz, Esq. PLLC, we understand all of the laws that apply in estate planning. Regardless of your needs or goals, we can help you create an estate plan that works for you. We can also help you modify this plan throughout your life if your circumstances or goals change.