Not planning for your estate correctly can mean leaving your loved ones to deal with debts and other issues. You might end up with your estate going into probate, which delays the distribution of your assets.
As someone who is aging, it is important to review your finances, start looking at ways to reduce what you owe in debts and set up your estate to be distributed correctly without the need for probate. You'll want to create an estate plan that lets your family know your wishes and that is designed to carry them out as you see fit.
Is it worth working with an attorney to set up your estate?
Yes, because every estate is different and could require special planning. For example, if your estate is going to be taxed due to its value, your attorney can help you plan for taxes by helping you reduce your estate's overall value. Estate taxes are high, so by planning early, you could save thousands of dollars.
The goal of any estate plan should be to maximize the amount of money and the number of assets you leave behind. Doing this requires careful planning, so your attorney will review all your assets and help you decide on how to best protect them through early distributions or with the use of trusts, for instance.
Our site has more on probate administration, estates and what you need to do to protect your interests as well as the interests of your loved ones. Good planning will save your estate thousands of dollars and make it easier to handle upon death.