Pass On Your Legacy Through Estate Planning

by Pacific Legal GroupAugust 16, 2022Uncategorized

The idea of estate planning may seem overwhelming, but it’s something that no one should put off. You don’t need a big chunk of money in the bank to benefit from having an estate plan either, as anyone with something they value and want to pass down to others should have an estate plan. As a Bozeman estate planning attorney from Silverman Law Office, PLLC knows, most people are motivated to establish an estate plan so they can keep money and sentimental items in their family for future generations to come.

How can I make sure the right assets go to who I want?

Developing an estate plan is the best way to make sure that your belongings go to those that you want to have them. Having an accountant and estate planning lawyer is the best route to organizing your assets in a way to where they will be given to those you want to give them after your death. The first steps for establishing your estate plan is likely to involve drawing up a will, composing a list of assets, talking with beneficiaries, setting up a trust, gifting money wisely while alive, and converting retirement accounts to Roth accounts. 

What if I die without having a will?

Many people don’t ever draw up a will, and it may be partially due to the fact that they put it off so long that they end up not writing one at all. Taking on a task that has to do with accepting our own mortality is not one that people want to jump right into. However, passing away without a will can cause more stress for grieving family members. Your estate may be divided in probate court, meaning that the court will choose who gets your assets and money. The court is not likely to consider the family dynamics and other nuances that you would have if you were still alive. 

Why is probate treated as a bad thing?

Probate entails handling someone’s legacy based on state intestacy laws. There is no guarantee that the court will consider what the deceased person’s wishes would have been if they were still alive today. The role of the court during probate is to distribute the assets based on laws set before them. Most people do not appeal to the idea of the court having control over how their assets are distributed, and knowing this may be motivation enough to finally develop a legally-binding estate plan. Probate can also be prolonged, costly, and prevent beneficiaries from receiving their inheritance in a timely manner when they may need it the most. 

No one enjoys thinking about a time when they are not here with those they cherishe most. But through estate planning, a person can pass on parts of their legacy to those who want to have them. As a team member from Silverman Law Office, PLLC knows, an estate plan can provide relief that a person’s affairs and assets are in order when the time comes for them to pass on. 

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