An updated, concise, well-drafted estate plan is one of the greatest gifts you can give to your spouse, your children, and your heirs. Have you ever thought about what would happen to your family should you die or become disabled? Dying without an estate plan can throw your heirs into a legal quagmire that can cost thousands of dollars in legal fees, taxes and other costs that could have been avoided with proper planning. In addition, for families with children, a properly drafted and current will with a guardianship appointment is critical. Without a will, your children’s future will be left to the decision of the courts.
Estate planning, however, is much more than simply drafting a will. It includes instructions about asset distribution upon death, healthcare decisions (such as withdrawals of life support and the appointment of someone to make that decision), guardianship issues, and the very difficult choice of who will care for your children if you die. Income and estate tax issues and a host of other matters are also addressed. Many of these issues must be dealt with regardless of the size of one’s estate; estate planning is not limited to the rich. A well-crafted plan can give you and your family peace of mind for a lifetime.
Each year, Americans pay millions of dollars in unnecessary state and federal income and estate taxes, as well as needless probate fees. By planning your estate in advance, you can reduce if not eliminate this cost of dying as well as know that your estate will be administered the way you want it to be. At McCormick Law Group, our attorneys have extensive experience in estate planning and can help you develop a well-ordered estate plan. For a free evaluation of your estate, contact our offices to arrange a consultation.