I Don’t Consider Myself Wealthy. Is Estate Planning for Me?
It is a common misconception that estate planning is only for the wealthy, small business owners, or for other people with a laundry list of assets that will need to be divided among their heirs after they pass. However, estate planning is something that you should consider, regardless of what you will leave behind when you die. An estate planning attorney in St. Peters, Missouri from Legacy Law Center would be pleased to help you accomplish this.
Legacy Law Center: We Can Guide You Through the Process
It is no surprise that death can place a huge burden on your loved ones. In addition to dealing with grief, your friends and family will also be spending a great deal of time dealing with the logistical and legal aspects of your passing. From arranging funeral expenses to getting a death certificate, the number of tasks on the list of someone who is only beginning to heal from a loss can seem crushing. Taking time before your death to outline what will happen to your assets will save your family precious time and energy in the wake of your passing. An experienced estate planning attorney St. Peters, Missouri families trust, like one from Legacy Law Center, can guide you through the estate planning process and tell you exactly what kind of planning makes the most sense for you. A little time spent now will save your family a time-consuming and potentially expensive and emotional process after your death.
A big reason people with smaller estates may want the assistance of an estate planning attorney St. Peters, Missouri locals turn to is to seek advice regarding how to avoid “probate.” Many people have a will, which will lays how how their assets will be distributed at the time of their death. In most cases, however, a will must go through probate before the assets may be distributed. Probate is a court process in which a judge will authenticate a will, determine the deceased person’s assets, make sure all of the deceased person’s debts are paid from the estate, and then, finally, transfer remaining assets as directed by the will. This process can take time, depriving your loved ones of access to the money or things that you left to them. The process can also be expensive and will generally require that court costs be paid from your estate before the assets are distributed.
Fortunately, there are several ways to avoid the probate process, but you will need to take steps now. A St. Peters estate planning attorney from our firm can provide guidance about which options to avoid probate make the most sense for you. Perhaps you will want to create a living trust. If so, you will need to make sure your beneficiary information is complete on all life insurance policies, retirement accounts, and bank accounts.
An Estate Planning Attorney St. Peters, Missouri Community Members Rely On
Avoiding probate can save your loved ones time and money, even if you don’t think you have much to leave behind. Death is often accompanied by an unexpected financial burden, such as funeral expenses, or a reduction in household income. Your effort now to reduce the financial burden on your heirs through estate planning could make an important difference to your family in the even of your death. Call an estate planning attorney St. Peters, Missouri residents choose from Legacy Law Center to discuss how to avoid probate and other estate planning options.