What to Do When Preparing For Estate Planning

All of us have an expiration date. And even though thinking about that fact isn't the most fun of thoughts, it is a necessary one. It inspires a host of questions that you need to confront and answer. Will your loved ones be taken care of? What happens to all of the assets you've been accruing throughout your life? Who can you trust to make sure your final wishes are fulfilled?

Preparing an estate plan is one of the most important things you can do for yourself and your loved ones. It will ensure that the resources you've been building, no matter how big or small, ends up in the right hands. And since tragedy can strike at any time, the sooner you and an attorney develop one, the better.

Here's a quick look at what you can expect when you team up with Gower Law PLC to plan for your estate. While not all of these may apply to you, it's important to utilize as many of them as possible to make sure your loved ones are left with the stress-free, financially secure future they deserve.

The will.

Perhaps the most important component of anyone's estate plan is the will. It declares, legally, who gets what after you pass away. It can also be used to decide who gets guardianship of your minor children, if you have any. A living will is also important. In the event that you become incapacitated, a living will enables a designated loved one to access and handle your finances, and by ordaining someone with the power of attorney, you can feel secure knowing that a family member or friend will be making medical decisions that align with your wishes.

The trust.

While wills are an effective way to divide your assets, they often have to be verified through probate court, which is costly and time-consuming. By establishing a living trust, your loved ones can have immediate access to any money you leave them. By naming beneficiaries for your bank accounts, retirement plans and other assets, you make the funds "payable upon death." It may sound morbid, but it's actually the most helpful thing you can do for your loved ones.

The expense.

Funerals are expensive, so you should make sure to establish a fund that specifically covers yours. The last thing your family needs is the burden of scrambling to pay for your ceremony. On top of that, there's a chance that the government will tax you one last time after you pass. By teaming up with our attorneys here at Gower Law PLC, you'll be provided with expert details on how to minimize or even avoid this unfair act. And if you're the charitable type, we can help you establish the most effective means to not only give back in the biggest way, but also set up a stream of income for life, reduce capital gains taxes and earn a higher investment yield with your philanthropy. We'll make sure that everyone wins, not just the greedy Government.

You care about your loved ones, and so do we. Don't push this off until it's too late. Call us today, toll-free at 1.888.80.GOWER ), or through the contact form on our website.