Providing for our families in the event of disability or death is one of the most important things we can do; however, the majority of Americans do not have a plan. Estate planning is at the core of what Global Law delivers to our clients. This includes planning management of assets and important decisions that affect treasured family heirlooms and relationships. Global Law works with individuals to develop wills and trusts that are tailored to each client’s needs, giving them peace of mind that capable fiduciaries will carry out their plan and their assets will be passed smoothly.
Estate planning is the process of managing and determining how someone’s assets will be distributed after that person’s death. There is a preconceived notion that estate planning is for wealthy individuals or people looking to retire; this is false, estate planning is for everyone. Your estate includes your: home, car, bank accounts, property, furniture, and any life insurance policies. No matter how large or small your estate may be, planning accordingly provides your loved ones with guidance and peace of mind. This plan is something that should be reviewed and updated whenever your personal, professional, and financial situation changes. Your estate plan should:
- Include guidelines regarding inheritance and assets
- Include Instructions for health care in the event of disability
- Name a guardian for any minor children or pets
- Name a power of attorney or executor to represent legal and financial matters
- Include life or disability insurance
- Provide information for the transfer of your business
An estate plan begins with a living will. In the event of an accident where you suddenly become terminally ill, a living will explains whether or not you want to remain on life support. The most basic component of an estate plan is a will. A will provides instructions as to the distribution of assets and personal property, but your family must still go through a state court process that may take years and become expensive. A revocable living trust is preferable to a will for these obvious reasons. Also, assets can remain in trust until you heirs are mature enough to inherit them. Throughout your lifetime, a revocable trust can be modified or changed by the grantor; unlike an irrevocable trust, which cannot be modified or terminated without permission of the beneficiary. This type of trust is commonly used for estate and tax considerations because the trust’s assets are removed from the grantor’s estate.
Regardless of whether a will or trust is the most beneficial for your family, it is important to have a plan established because in the event of disability or death, you know that your family will be taken care of. Here at Global Law, we specialize in developing estate plans that meet the needs of our clients and provide for their families.