Let’s face it; life is unpredictable. It can change in the blink of an eye.
Because of this, it is usually prudent to form an estate plan. Why? Think about who you leave behind.
Here are some benefits to consider:
Provide for your immediate family. An estate plan may provide enough money for your surviving spouse to continue to care for the family or name appointed guardians for your children should you and your spouse pass.
Ensure property goes to the right beneficiaries. An estate plan may outline exactly where your assets are to go and leave no open-ended questions for your family.
Minimize expenses and taxes. When you create an estate plan, you may be able to keep the cost of transferring any property to your named beneficiaries, down.
Ease the burdens of your family. When working on your estate plan, you can outline your wishes for funeral arrangements and even set aside funds for them. This takes the burden off your grieving family.
Provide support for a favorite cause. An estate plan can allow you to support your favorite local cause or charitable organization after your passing.
Plan for any kind of incapacity. If you should ever become mentally or physically incapacitated, an estate plan may outline your wishes regarding life and who may make medical decisions on your behalf.
Establish trustees over your estate. Your estate plan may name an executor of your estate, which may save money and simplify the administration process.
Provide for those who may need help. Through your estate plan, you can set up a special trust to provide funds to support your children or grandchildren.
For these purposes, Stulken Law provides estate planning services. Michael Stulken of Stulken Law can be contacted at 400 S. Gillette Ave., Suite 105, in Gillette or at (307) 871-0348 in the event you are ready to begin your estate planning process.