Estate Planning Lawyer
Whether you realize it or not, you have an estate. And did you know that nearly every person does? You may think that an estate is only for those who are rich and famous, but that’s really not the case. An estate plan consists of everything that a person owns, no matter how little or small, and includes things such as your home, vehicles, real estate, bank accounts, life insurance, investments, furniture, personal possessions, and so much more. The point is, no matter how modest or vast your estate is, each person can benefit from writing a plan for the future.
Estate planning is just like it sounds, making a plan in advance for your estate. Through a series of documents, you can appoint people or charity organizations that will receive the funds or belongings you have after you pass away. By developing an estate plan, you are taking an important step in protecting what you have accumulated throughout your lifetime, and ensuring that it goes into the hands of those you care about the most. Estate planning also includes but is not limited to:
- Provides instructions for your financial affairs and medical care if you become incapacitated prior to passing away.
- Details arrangements for disability insurance income that replaces your income if you are not able to work because of a condition, life insurance to provide for your relatives after death, and long-term care insurance in the event of an extended injury or illness.
- Gives family members who have special needs support without disqualifying them from receiving government benefits.
- Names a guardian for your minor children if you pass away before they are of legal adult age.
- Offers support for loved ones who may not be responsible with finances, or who may require protection from creditors.
- Outline your wishes for who is to take care of pets and set up a fund so they get the continued care they need in their new home.
While some of this information may seem overwhelming, remember that there are professionals who can help guide you, like an estate planning lawyer families rely on from the Law Group of Iowa. Many people put off writing an estate plan because they don’t want to have to think about a time when they are not here. But estate planning is an impactful way to ensure that certain wishes will be followed after your passing, and that those who cherish you dearly will receive a piece of you to take with them for the remainder of their lives, and onto future generations. And don’t forget that every person, no matter what their wealth status may be, can benefit from an estate plan if they own something meaningful and want to give to people or charity organizations they hold dearest to their heart.