Estate Planning Basics

Estate Planning Basics

You’re not going to live forever. I know we like to think that we are immortal but that’s just not the case. It’s important to have a plan for what happens to your minor children and assets before your family is left wondering what to do in the event of your death. This is otherwise known as an estate plan and includes a living will, revocable trust, and a will.

Dying without a will, also called intestate, means your assets will be distributed by the state through probate court. To ensure your assets are distributed according to your wishes, the Stuart & Blackwell team can help you create an estate plan.

Living Will: Having a living will establishes your wishes in the event of an accident including life support and other medical treatment. Your loves ones and medical caretakers will have a clear outline of your wishes should you not be able to communicate them. This will help lessen the stress of an already stressful situation and is important to establish whether you’re twenty or eighty years old.

Revocable Living Trust: This type of trust protects your financial assets in the event of accident, injury or death. It will prevent your family from having to go through the court system to take care of your medical and other expenses.

Will: To ensure your assets and belongings are distributed according to your wishes after your death, you must have a will in place. This will also name the choice of guardian for minor children or a pet, in the event of your death. Having a will prevents your family from having to go through the arduous court process to have your assets distributed.

Having an estate plan that includes a living will, revocable trust, and will, means peace of mind for you and your loved ones. At Stuart & Blackwell, we provide estate planning and other services. Contact us today to learn more.

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