Establishing an effective estate plan is an important part of securing the future of your family and your assets. Whether you are just starting out in life or have been around for some time, it’s never too late to start planning ahead.
With the help of Wade Kricken , a seasoned litigator with two decades of experience in real estate law and litigation, we’ve put together this guide to understanding the basics of estate planning.
What is Estate Planning?
Estate planning is the process of making arrangements for the distribution of your assets after death. It includes determining who will receive your assets, when they will receive them, and how they will be managed during and after your lifetime. An estate plan can include wills, trusts, powers of attorney, health care directives, business succession plans, and other documents that control how your assets are distributed after you pass away.
Creating a Will or Trust
A will is a legal document that outlines how you want your assets to be distributed after you die. It also allows you to designate guardians for any minor children or pets that might survive you. A trust is another way to distribute your assets after death; it can provide tax advantages as well as more control over when and how distributions are made.
Both wills and trusts should be prepared by an experienced attorney who understands the complexities involved in creating a legally binding document.
Having an effective estate plan in place can help ensure that your wishes are followed after you pass away, as well as provide protection for those left behind. With Wade Kricken expertise in real estate law and litigation guiding us through the basics of estate planning, we hope this guide has been helpful in giving you a better understanding of what steps need to be taken when planning for the future.