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The Importance of Estate Planning
We all die. That is all there is to it. There is no avoiding it, no changing it, and no running from it. Nobody knows when it will happen, and nobody knows how. We have no control over the way we die and at what point in our life it will occur. But one thing we can control is what happens to our estate after we do pass on.
Your estate is anything you own. That can be cars, homes, personal possessions, investments, bank accounts, furniture, and everything else. Basically every person has some sort of estate, whether large or small, and you want to make sure that estate is taken care of after your death.
Susan Gwinn, Attorney at Law knows the importance of estate planning. Accidents happen, and when they do, you want to be able to know that your estates are in good hands. You want your family to be taken care of, and usually leaving your estate to them can help them out for years to come.
There are better ways to go about estate planning than others, and everything should be considered. And by everything, we mean everything—your debts, your business, the chances you become disabled before you die. As hard as it may be, people need to think about every possibility while they are planning their estate.
Start With a Trust or Will
In a recent blog, we discussed the different between a will and a trust. Go review this blog and know that estate planning generally begins with one of the two. Whichever you choose, depends on your life, economic status, age, and more. After deciding which will work best for you, you can start planning where your possessions will go and who will receive what.
Make a Plan or the Government Will
People often avoid estate planning for many reasons. They are too busy, too young, too poor, or they just don’t know how to go about it. This is why Susan Gwinn wants to help. She knows the ins and outs of estate planning and will get your plan worked out, leaving you with peace of mind and your family with your most valuable possessions.
If you do not plan your estate, the government will do it for you. This is generally not a good thing. And if you do pass before planning an estate, they will be in the control of the courts, rather than your family. This could hurt your family, make life hard for them, and be worse for them in the long run. This is why it is so important to do estate planning before it is too late, even if you are young and even if you have a minimum amount of estate.
Update Constantly
Life is constantly changing, circumstances are constantly changing, and your estate plan should constantly change as well. You may lose your job, get a new one, or get a huge raise. You may have a grandchild that you wish to leave estate to. You may get a divorce and want them to receive nothing. Whatever it may be, you should be updating your estate plan constantly to ensure it is still what you want.
Plan Ahead With an Estate Planning Attorney
This is just a quick summary of estate planning. We will delve deeper into estate planning in future articles. In the meantime, get started on your estate planning with the help of Susan Gwinn Attorney at Law, contact today. Susan Gwinn practices estate planning law here in Southeastern Ohio, serving individuals throughout Athens, Athens County and the surrounding area.