When you are thinking about estate planning, you may have many different decisions and be unsure of which option is best. However, it is pivotal to review your different choices carefully and make sure that you move forward with the most advantageous plan, given your personal situation. For some people, living trusts are ideal. If you are thinking about creating a trust, it may be helpful to go over some of the reasons why these type of trusts are beneficial.
Estate planning is a process applicable to anyone, and can seem an overwhelming task at first. Planning for the distribution of one's wealth after death is an important part of home ownership and can prove to be a successful and enriching experience.
Sometimes, when people picture estate planning, they think of middle-aged or elderly folks. However, planning ahead can be beneficial for adults of all ages and at TdD Attorneys at Law, our St. Louis law firm knows how true this is for many adults across Missouri. There are a plethora of situations that can arise which make an estate plan vital. Unfortunately, some younger people do not have such plans in place, which can be problematic.
Creating an estate plan that meets your specific needs can provide tangible benefits to you and your family. An estate plan can consist of various documents that will provide clear answers to many questions, including:
North Jefferson County residents are constantly counseled to see to their estate planning early on in life. The main reason behind this advice is to help you retain control of how your assets are handled and dispersed. This leads to the inevitable question of what happens if you die without a will. Control over who gets what from your estate is then handed over to the state.
A concept that you likely will hear over and over when involved in estate planning in St. Louis is the importance of avoiding probate. There is good reason for this; the probate process can exact a heavy financial toll on your estate. Yet many who come to see us here at TDD Attorneys at Law LLC only view probate as a potential drain in their estate assets. There are other expenses that your estate (and by extension, your executor and beneficiaries) could face, such as estate taxes. Fortunately, there are steps that you can to avoid them, too.
Planning for the eventuality of death might seem like a morbid task, and when you are in your 20s, you probably do not spend a lot of time worrying about terminal illness and fatal accidents. Unfortunately, tragedies do happen, and when they do, having a living will can be a significant help to your family. Here are a few reasons St. Louis Generation Xers should start thinking about creating a living will right now.
While many in Missouri and across the nation may think of a will as something for the elderly to worry about, the truth is that estate planning is a good idea for everyone, regardless of age or marital status. The New York Times reports that more than 50 percent of American adults do not have a will, which means that if one is to die, his or her estate would go into probate, which can leave room for funds to be ill-used, leaving less to relatives who could otherwise benefit.
When it comes to the estate planning process, identifying the smartest course of action can be challenging. However, it is imperative to make sure that you protect your assets and make life easier for your loved ones by taking the right steps. At TdD Attorneys at Law, we understand the stressors that people may encounter when setting up a trust or tackling any other estate-related issues in St. Louis, and across Missouri. That said, you may be able to enjoy peace of mind when you make the right decisions. Depending on your circumstances, a living trust may be the way to go, and these documents could benefit you and your family in multiple ways.
There are many reasons why people decide to sit down with an attorney to put together their estate plan. They may be thinking about how they can transfer their assets to their children after they are gone or how they can establish a trust for their grandchildren. In general, people want to get their financial ducks in a row so that they are prepared for retirement and can protect the financial future of their loved ones.