Many people think estate planning is something only the wealthy need to consider. The truth is, anyone owning any property should consider going through estate planning. This process is much easier to go through when a person works with an Estate Planning Lawyer in Bainbridge Island. A lawyer helps their client ensure all of their final wishes are in order so their loved ones will not be so confused upon their death.
What Is Estate Planning?
A person’s estate is comprised of everything they own, such as their home, car, and jewelry. No matter how small a person’s estate is, it is important they understand the steps of carrying out estate planning. With estate planning, the government will not have to get involved in settling the estate and the person’s wishes will be honored. The following steps are involved in the process of estate planning.
One of the biggest portions of estate planning is naming everything that is owned and who it should be given to upon the person’s death. Although this is often considered the most important aspect of estate planning, it certainly is not the only step a person will go through when working with the Estate Planning Lawyer in Bainbridge Island.
- Estate planning should include instruction on passing on the deceased’s values such as their religious views, education, and work beliefs.
- A person will need to make plans for their care, should they become disabled before their death.
- Parents will need to name a guardian for their minor children and appoint someone to be in charge of their children’s inheritance.
- Family members who have special needs will need to be provided for without causing any disruption to the government benefits they receive.
- Estate planning should include obtaining a life insurance policy so their final expenses will be taken care of and their loved ones will receive money to meet their needs.
- Estate planning can help minimize estate and inheritance taxes that will be faced.
Call For an Appointment
If you have not gone through estate planning, now is the time. Call today so your appointment can be scheduled and you can get started.