Are you familiar with estate planning? If you have personal assets that you want to impart to your loved ones upon death, you might want to consider estate planning. It is a mode of preparing the transfer of your properties, specifying which thing goes to whom, which shall take effect upon death.
If you want a smooth transition and transfer of property ownership, estate planning covers a significant portion of the work. For this reason, it is best to speak with an estate planning lawyer in St. George.
There are many advantages if you take the time to plan the disposition of your estate upon death. Here are a couple of benefits of estate planning.
Provisions for the Family
If you want to ensure your family’s future, estate planning is the way to go. It allows you to set aside enough funds to ensure your family’s support, your children’s education, and more. For this purpose, you may also need to name a person to act as a guardian for your children in the event you or your spouse should die before they reach the age of majority. The court, however, may appoint a legal guardian if you did not nominate anyone to exercise the trust duties.
Ensure Smooth Transfer of Property Ownership to Beneficiaries
Since every time is already laid out, estate planning provides for a smooth transition and expedites the transfer of ownership of the properties of your estate to the intended beneficiaries. Estate planning also provides options that ensure direct payment of insurance proceeds to those intended to receive it. It also provides for a simplified probate of the will or execution of the trust.
Makes Crucial Decision-Making Possible During Incapacity
In the event that you suffer from physical or mental incapacity, which renders you unable, to make crucial decisions regarding your personal health or business affairs, estate planning can provide measures for these eventualities. Through living wills, health care directives, and powers of attorney, you can appoint someone who can carry out your business or decide on matters of your health when you can no longer do so.
Minimize Costs and Effort Relating to Transfers of Property Ownership
Estate planning minimizes the time and costs it takes to transfer ownership of your properties to your intended beneficiaries. More importantly, it takes away the need for a protracted court litigation to determine right ownership over your assets upon death. Your executor will simply present the will before the probate court to effect the distribution of your estate to your loved ones.
Less Anxiety on the Part of Your Family
Your loved ones do not need anxiety at a time of grieving. With estate planning, you can prepare certain arrangements for the funeral and burial or designate persons who will do these things on your family’s behalf.
Experienced Estate Planning Lawyer St. George
Are you contemplating on creating an estate plan? Witt Law offers comprehensive legal services to assist you in this endeavor. As the premier firm in St. George, we will take care of all your needs and answer any questions you might have.
When you need an estate-planning lawyer St. George, contact Witt Law. Call us at (435) 673-8400 or 800-GET-WITT (toll-free) to schedule your appointment.