What Can Be Included in an Estate Plan?
There are specific times where a family’s possessions are reviewed and allocated. One of those is during a divroce. A couple going through a divorce attempt to decide how shared possessions are divided up between both. When there are children involved, a serious discussion is had with a divorce attorney on what happens with a home and vehicles. All of this takes place on the backdrop of an unfortunate event, but these are conversations and decisions that families make everyday. Another scenario is at the end of someone’s life (many years prior if you understand the need). Your family’s possessions are important for any surviving family members. The last thing a family member wants to do is end up in probate court and have the state determine how the process will go. An experienced estate planning lawyer, like our friends at Klenk Law, helps to make sure that everything you own is protected and will be accounted for after your passing, which can be years from now or tomorrow. There are many different things that can be included in your estate plan. We will name a few, but for a full list or if you have any specific questions that can be answered, you should set up a consultation with a good estate planning lawyer to learn more.
You Can Leave Your Home to Someone
Depending on the situation with your home, you can leave it to family or a friend after you pass away. If you are married, this will likely go to your spouse. If you have children but no partner, it would likely go to them. A home can be a great monetary asset, so as long as your home is in good standing at the time of your death, it can be passed along to someone of your choosing.
You Can Leave a Pet to a Loved One
You certainly want to make sure any animals that you own are included in your estate plan. You will want to speak to your loved ones to see who would have the best home and environment for the pet or pets that you have, and will want to consider leaving some money to care for the pet to the person in your will.
You Can Leave Heirlooms
Having a detailed will can be important, especially if you have certain family valuables that you want specific people to get. You may want to divide everything evenly or have certain people receive items that you have laid out in your will. By doing this, you lessen the chance that family will fight over the same items. If you clearly state who gets what items of value – sentimental or monetary – you will save your loved ones from questioning who should get what and wondering what your wishes would have been.
Speak to a Lawyer Today
Time is not guaranteed, so you need to contact an estate planning lawyer if you do not have a will or plan in place after you pass away. He or she will help you set up a good plan so that you do not need to worry about anyone who depends on you. Each person and family has unique needs, so your lawyer will be able to help you determine what these are and how to meet them. It may feel difficult to think about your own mortality, but a lawyer who is experienced in the field will know how to do this without making it feel too emotional. Reach out to an estate planning law firm today to set up a consultation with a lawyer in your area.