Complete Estate Planning Services
Estate Planning
There are few things as intimidating as the task of completing your estate plan. The best time to plan for your incapacity or passing, though, is while you’re still healthy.
With a little time, effort, and guidance from a trusted estate planning professional, you can develop a plan to protect your family and get peace-of-mind. Failing to complete a proper estate plan can place the security of your family and assets in jeopardy. Contact us to book a planning session today.
What is an advantage of having an estate plan?
A well-crafted estate plan is essential for ensuring that your assets are managed according to your wishes while safeguarding your privacy and financial security. By effectively keeping assets out of probate, you can maintain greater confidentiality regarding your financial resources and streamline the distribution process. Furthermore, thoughtful planning can provide necessary safeguards to ensure that your assets are distributed as you intend, aligning with your personal values and objectives. Additionally, it offers protection against potential creditors and the implications of divorce, helping you secure your legacy.
Why does everyone need an estate plan?
A comprehensive estate plan is essential for ensuring that your wishes are faithfully executed regarding the distribution of your assets, the guardianship of minors, and your final arrangements. This meticulously crafted plan not only safeguards your interests but also plays a crucial role in preventing lengthy court proceedings and potential family disputes following your passing. By proactively addressing these important matters, you can provide clarity and peace of mind for your loved ones during what can be an emotionally challenging time. Engaging with experienced professionals to develop a tailored estate plan is a vital step towards securing your legacy and protecting those you care about most.
What is the goal of the estate plan?
Estate planning serves as a crucial process for individuals seeking to address both rational and emotional needs concerning their legacy. Many people are motivated by the desire to ensure their loved ones are cared for after their passing, providing financial security and peace of mind during what can be a challenging time. Additionally, the efficient distribution of assets serves to uphold their wishes, promoting timely resolutions. Beyond these heartfelt considerations, practical motivations play a significant role; minimizing expenses and tax burdens is a primary objective for many. Ultimately, effective estate planning strikes a balance between personal values and financial prudence, empowering individuals to leave behind a well-organized legacy.
Frequently asked questions
The Trouble with Using a Will Only
Many presume that a will is more than enough to convey their wishes for their estate after they pass. Unfortunately, with only a will, the plans for your assets are only effective upon your death and require probate court proceedings to work. If you become incapacitated, your assets will be under the control of a court-appointed conservatorship.
Even when your distribution plans for your assets are honored, it is easy for loved ones to see an inheritance as a windfall. Too often, a person’s legacy is frittered away by poor decisions made by grieving family members.
That’s why most inheritances are gone within a mere five years of receipt. A failure to consider the long-term implications of their financial choices often results in one’s inheritance disappearing practically overnight.
With the help of an estate planning advisor, you can ensure your beneficiaries are taken care of and that the assets are distributed in a way that will be the most beneficial to all involved.
How Our Estate Planning can Help You
At Triple Crown Estate, Wealth & Insurance, we offer strategic legal advice and estate planning services tailored to your family and financial dynamic.
Here are four ways we can use estate planning tools to help you.
1) Wills: Making Your Wishes Known
A last will and testament is a signed and witnessed written document whose terms go into effect when you die. With it, you can designate beneficiaries, make guardianship designations for young children, and pick an Executor of your estate.
Drafting a will is a quick and painless way of allowing your wishes to be known, and therefore a great starting point for beginners. Speak with a will advisor to ensure your will is drafted legally, ethically, and properly according to your wishes.
2) Trusts: Asset Protection That Works
Creating a living trust is one of the best ways to avoid probate. Trusts come in various forms, but their overall purpose is asset protection for your heirs and to prevent those assets from being forced through the costly and time-consuming probate process.
Trusts work by transferring ownership of the assets from your name to a trustee, who manages the assets on behalf of your beneficiaries. Our trust advisor can help set up a trust document that meets your needs and assist in trust administration when the time comes.
3) Guardianship: Estate Planning for the Vulnerable
When it comes to estate planning, planning for the vulnerable is a must. An estate plan can be used to address concerns regarding the care of young children, special needs family members, and incapacitated adults.
Speak to one of our guardianship advisors about establishing guardianship and how you can ensure your loved ones have a bright future.
4) Probate: What Happens When You Don’t Plan
Without proper estate planning, you leave your estate at the mercy of your local probate court. Even with a will, you risk the details of your estate becoming public knowledge and your loved ones fighting in probate court over their rights to property, accounts, and other assets.
Should your family find themselves heading to court for probate matters, our experienced advisors can help them navigate the probate process, ensuring things go as smoothly as possible.
We are here to help you
No two families are the same, so no two estate plans will be.
To discuss your custom estate plan strategy, contact us. Let’s chat. We assure you that you will be able to communicate openly with us in a no-cost consultation!
Click below to schedule an appointment and a member of our estate planning team will contact you!