The Best Time to Get Your Estate Plan in Order is NowIf you own real property, have children, or are in a committed relationship, then you should have an estate plan in place. An estate plan is a relatively simple way to make life easier on your loved ones after you pass away. An estate plan typically consists of a Last Will and Testament, Power of Attorney, Health Care Power of Attorney, and Living Will. For certain situations or for certain assets you may also have a Trust as part of your estate plan. You can read more about what these other estate planning documents are and what you need them for here.
Almost Everyone Should Have a WillIf you're over age 18 and you own a car then you should have a Will. People think you need to be rich to have a Will, but truly a Will is useful for everyone, not just the extraordinarily wealthy. If you die with a car in your name then your loved ones will need to open up an estate in your local probate court in order to transfer title of your car. It is relatively difficult, time consuming, and more expensive to open an estate for someone without a Will. This is because first you will have to get someone to be the court appointed administrator of the estate. The administrator may have to post a bond in the amount of twice the value of whatever assets are in the estate just to be able to transfer the assets to the next of kin. This makes it time consuming to get appointed by the court as the administrator and it makes it expensive to potentially have to post a bond. Those burdens can be eliminated simply by having a Will.
A Will is not simply a tool for the wealthy to pass on their assets and death, it is an act of love that someone does to make life easier on their loved ones after their death. Your loved ones will already be dealing with the grief of your loss after your death, one thing you can do to make things easier on them is to have an estate plan in place to streamline and simplify the process.
If you'd like to talk to an attorney about getting a Will or other estate planning documents in order then feel free to call an attorney at Harris & Engler today.