Have you thought about who will take over your assets and valuables once you’ve passed? Estate planning can be an overwhelming task, and uncomfortable to think about. Still, though the thought of the estate planning process can be daunting, it’s important to plan ahead. If you want to secure your assets and ensure your family’s legacy, estate planning is a must. Estate planning may seem morbid to think about, especially if you are still young and in good health. However, preparing your estate makes it much easier on your family and can reduce taxation on your assets. Proper estate planning can also save your family members large sums of money! The earlier you can set up a plan for your financial and material assets, the better. If you need legal advice when it comes to finances or other areas, contact our attorneys at Bandré, Hunt and Snider, and we’ll help you begin your estate planning today.
Plan your Estate with Estate Attorneys in Jefferson City, Mo
Estate planning can be an enormous undertaking, and doing it properly requires the assistance of an estate attorney. You may be asking if it’s necessary to go through the trouble of estate planning, especially if you don’t have many assets or heirlooms you’ll be passing on. However, you’ll be making it much faster, cheaper, and easier on your relatives by planning your estate. Having an attorney help you go through your assets can help you avoid excessive taxation and financial stress for you and your family members. We highly recommend seeking a lawyer to help you plan your estate. It is a surprisingly inexpensive investment, and if done correctly, can bring huge dividends and peace of mind. Choosing not to manage your estate can result in a financial nightmare for your family. If there is no plan in regards to your inheritance, it can result in family disagreements over the distribution of assets and valuables. The main component of estate planning is financial planning and distribution. Through this process, we get to know you and help you craft a plan that is right for you and your family. Our ultimate goal is to make planning your estate as simple as possible.
Estate Planning: Where To Start, And The Difference Between Trusts And Wills
One of the first things you’ll need to decide when planning your estate is whether you’ll use a trust or a will. They each have their own financial and legal implications, so here are the basics on each:
Wills
A will, unlike a trust, does not come into effect until after the event of your passing. It is a public document that may need to be presented to a court. The probate court is there to ensure the directions of the will are carried out in a legal way that follows your wishes. With a will, a legal representative is appointed who oversees that the components of your will are carried out in accordance with your wishes. A will addresses any property that is in your name when you pass.
Trusts
A trust is something that can be drafted and edited throughout your lifetime. It can be changed accordingly as your assets fluctuate. In a sense, it can be described as less permanent and final since it is easily accessible at any time to adjust. A trust can set up provisions for what happens to your assets in the course of your lifetime. The document is later passed on to a trustee, someone you trust with the management of your assets to make decisions regarding your estate after you no longer can. Because the trustee is in charge of your assets, there is no need for court oversight as this is also a private document . A trust can also ensure that assets do not pass to a survivor who is still young or who may be prone to making poor financial decisions. This allows a third party – the trustee – to oversee the use of the funds.
Our attorneys at Bandré, Hunt and Snider will help guide you in choosing the option that is best for you and the future of your family. We want to help make the estate planning process as simple as possible for you so that you and your family can have peace of mind.
FAQ’s About Estate Planning
The process of managing your estate can seem overwhelming, and you’re likely to have a few questions. Here are some of the most common questions we receive, but if you have more, we’d love to meet with you to discuss them.
When Should I Start Planning My Estate?
It is never too early to begin the process. The earlier, the better, and there’s less chance of financial burden for your family. Another plus to planning your estate early is getting any debt out of the way. You don’t want to leave that burden on a family member.
What Tax Laws Should I Be Aware Of?
If you plan on leaving all of your assets to your spouse, you don’t need to worry about future taxation, as you can leave an unlimited amount to your spouse tax-free. If this is not the case, you’ll need to look at what current estate tax exemptions are. This is also something our attorneys can assist you with. In 2018, the threshold for passing on valuables to heirs was 5.6 million.
What Assets are Included in Estate Planning?
In estate planning, every financial asset you have acquired is included. This is comprised of everything from financial investments, any existing accounts, real estate, insurance policies, business ventures and any valuables you possess. Proper estate planning also addresses your real estate and personal property.
Contact Bandré, Hunt and Snider for your Estate Planning Needs
Have more questions about the estate planning process? Or, are you looking to contact an attorney to help you organize your assets? When dealing with money, you want to work with someone you trust, and our attorneys want to be there to help you navigate your finances. Call us at Bandré, Hunt and Snider, and our skilled team of attorneys will aid you in organizing your future.