You've spent your lifetime building up your assets, so it makes sense that you would want to ensure their protection. One way to do this is through estate planning, the process of preparing for the transfer of your wealth and assets after your death. Estate planning can be a complex process, which is why it's important to get the help of a professional.
At Capital City Law, we are dedicated to providing you with the estate planning services you need to make sure you and your loved ones are taken care of after you pass away. Learn more about why having an Idaho estate planning lawyer is so essential, then contact us to get started.
The Purpose of an Estate Plan
Life is a delicate thing that can be gone at a moment’s notice; without a plan in place, your loved ones will be impacted greatly. That’s why an estate plan is critical in making sure that you have a say in what happens to your assets when you pass away or become unable to make decisions for yourself. No matter how large or small it may be, everyone has an estate and can benefit from a plan to distribute it after their death.
Why Estate Planning?
IT PROTECTS YOU AND YOUR LOVED ONES
Preparing for the unexpected is the best kind of security you can give yourself and your loved ones. With an estate plan in place, you are making sure your children receive the best care possible, according to your specifications, if you are unable to care for them yourself. If you do not put together a plan, you are leaving your children and loved ones in the hands of a court judge that will not know your situation, and may not choose the best outcome for your family.
PREVENTS POTENTIAL CONFLICT BETWEEN BENEFICIARIES
Make sure that when you pass away, there is no potential for your family members to wage war on one another. If you have an estate plan set, it doesn’t matter who thinks they deserve what because your wishes are clearly written out. Make sure you are able to calm any family strife and take control of what’s yours by creating a specific plan of your wishes.
PUTS YOUR ASSETS IN THE RIGHT HANDS
If you do not create a plan for your assets, you will have no control over what happens to them when you pass away. With no plan in place, the court will decide what happens to your estate, and your assets could end up in the wrong hands. With estate planning, you have the ability to designate heirs to your property. You have the power to designate who gets what, and make sure that your assets are rightfully distributed.
The Role of an Idaho Estate Planning Lawyer
If you’re considering creating an estate plan on your own, without the guidance of a professional, you risk making costly mistakes that can put your family at risk and result in the mismanagement of your estate. By working with an estate planning attorney, you can avoid these risks altogether and enjoy the peace of mind of knowing your assets will be handled appropriately. This is especially important if you have a complex financial situation or own property in multiple states, as an experienced estate planning attorney can help you create a plan that minimizes taxes and protects your assets.
Estate planning lawyers can also help you create a trust, which is a legal entity that can hold and manage property on your behalf. Trusts can be used to avoid probate, protect assets from creditors, and minimize taxes.
The future is uncertain, but you can have a little more control over it by working with an Idaho estate planning lawyer to develop an estate plan that with ensuring your assets are managed the way you want them to be, and your family is taken care of after you’re gone. At Capital City Law, we have the knowledge and experience to help you create an effective estate plan that will leave you with peace of mind.