Many people are confused by the idea of estate planning because they assume it only pertains to those with large homes or actual estates to pass on. Contrary to this misconception, estate planning is for everyone, and it is an important planning step to take at almost any age.
Estate planning deals with managing and arranging the disposal and “gifting” or giving to other chosen entities of your own personal estate when you pass on. Again, you might be thinking “I don’t have an estate!” However, just about everyone has items that fall under the legal understanding of an estate, which is why estate planning is so necessary.
An estate is made up of everything you own, including cars, a home, other real estate, jewelry, furniture, life insurance, stocks and bonds, and other personal belongings. When you die, it is important to know who all of these items will be gifted to or who they are intended for so that there is no question. Estate planning can also include things such as instructions for what to do if you become disabled before you die, guardianship of minors, the timing of distribution of all these items, and can help minimize the amount of taxes paid on the property before it is distributed.
You want to ensure that your loved ones and those who are to inherit and care for these items are left without unnecessary court fees and with the greatest benefit of what you have left them. Estate taxes can add up, and this is one reason why having a competent and trained lawyer to help with you with your estate planning can be so crucial to ensuring you leave behind all you intend, and with little to no hassle for those you love. Call us today and let us help you get started with your estate planning so that you and your loved ones are prepared and provided for.
If you live in Concord, NC& need help planning for the welfare of your children or elder loved ones, turn to us at The Law Office of Marjorie J. Brown, PCElder Law & Estate Planning Solutions of the Piedmont
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