Oftentimes, people think they don't need an Estate Plan, or even a written will, when they pass away. They figure they can just tell the people they care for who get's what assets, and their final wishes will be honored.
There are also people who don't think it matters to put in the effort to have one created because they feel they have very little assets and so it won't matter.
Then there are those who just don't want to think about their eventual passing and they'll "get to it eventually", leaving behind a large amount of assets with no clear direction who it should be left to.
Today we are going to go over a few of the most Frequently Asked Questions in regards to Estate Planning.
Question 1: What happens to my assets if I pass away without an trust or will?
Except for assets that will be passed by beneficiary designation, distribution of estate assets are determined by your state’s probate laws, also known as dying intestate. Each state's laws vary, and there are different rules related to the distribution of a deceased’s assets when there is no Estate Plan present.
Question 2: I am not wealthy, why do I need to have an Estate Plan?
While people often associate Estate planning with the management and disposal of your estate after you pass away, there are other valid reasons to create an Estate Plan. Some of the most important reasons are to:
Minimize tax implications and fees.
Pass property to the intended beneficiaries.
Avoid potential family fights and alleviate the burdens of surviving family members.
Avoid having your assets don't get to unintended recipients.
Deciding who will raise your children if you were to pass away before they become of legal age to care for themselves.
Question 3: I heard that hiring an Estate Planning Attorney can be costly. Can I prepare my own estate plan on my own?
It may surprise you to learn you do not need an Attorney to draft a Will or create a basic Family Trust. In fact, Dragon Law Group will provide template Trust or Will documents at your request and at no charge to you.
If you are in Nevada, Contact Us today to set up a Free Consultation and find out what you need to create your own Estate Plan. Dragon Law Group also offers competitive rates and customized Estate Planning services that give you the key to manage your property, on your terms, long after you pass.