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Estate Plans: 3 Things To Know

Do you know much about estate planning services? Many people do not fully understand what they are, and therefore, they might think they do not need them. Most people should have an estate plan, though, even though many do not. If you have questions about estate plans, you are in the right place. Here is a guide that explains three vital things for you to know about estate planning.

1. What They Are

You might not understand what an estate plan is, so you should learn that first. An estate plan is a set of documents you create that state your desires for when you die. They can state whether you want to be cremated or buried, and they can inform your family to who you want to give your assets after you die. They create a plan for all your things, and they protect your family. The plan you create is unique, as your situation is different from all others. While you can make an estate plan without a lawyer, you can benefit from hiring one. An attorney can help you learn more about the options you have and ways to protect yourself, assets, and family members.

2. Why You Need One

You need an estate plan for several reasons. First, it tells your family how to divide your assets. Secondly, it protects your things. If you die without an estate plan, the court decides what to do with your things. Finally, an estate plan can reduce the taxes that your family pays when you die.  

3. Common Tools You Can Use

An estate planning lawyer can recommend tools for you to use in your plan, but the most common tool is a will. A will describes who you name as your beneficiaries and what they receive. It can also state many other things. Many people also use trusts with their estate plans. A trust protects all your assets and simplifies the transfer process of assets when you die. These are just a few of the options you can use when making your estate plan.

Creating an estate plan is a smart move if you have assets or want to clarify your final wishes. It is also a good idea for other reasons. If you would like to begin working on your plan or learning more about estate planning, contact a law firm that offers estate planning services in your city.