The Basics of Asset Protection- No matter how BIG or small your net worth is, estate planning is a process that ensures your assets are handed down the way you want after you die.
Forbes’ recent article entitled “Estate Planning Basics” explains that everybody has an estate.
An estate is nothing more or less than the sum total of your assets and possessions of value. This includes:
Estate planning is the process of deciding which people or organizations are to get your possessions or assets after you’ve died.
It’s also how you leave directions for managing your care and assets if you are incapacitated and unable to make financial or medical decisions. That is done with powers of attorney, a healthcare directive and a living will.
Your estate plan details who gets your assets. It also designates who can make critical healthcare and financial decisions on your behalf should you become incapacitated. If you have minor children, your estate plan also lets you designate their legal guardians, in case you die before they reach 18. It also allows you to name adults to safeguard their financial interests.
Your estate plan directs assets to specific entities or people in a legally binding manner. If you want your daughter to have your coin collection or your favorite animal rescue organization to get $500, it’s all mapped out in your estate plan.
You can also create a trust to safeguard a minor child’s assets until they reach a certain age. You can protect assets from probate. That way, your beneficiaries can easily access things like your home or bank accounts.
All estate plans should include documents that cover three main areas: asset transfer, medical needs and financial decisions. Ask an experienced estate planning attorney to help you create your estate plan.
The Basics of Asset Protection- The Law Offices of Claude S. Smith, III
Reference: Forbes (Nov. 16, 2022) “Estate Planning Basics”
Legal problems are extremely stressful, especially when your family, your health, or your freedom are at stake. At this point in time, you may not even be sure what kinds of questions you need to ask a lawyer, but that’s entirely normal. Whether your situation involves family law, estate planning, elder law, a criminal charge, or a personal injury, we will start by giving you all the information you need.
The way we see it, you deserve to get this information directly from an expert. That’s why we make it easy for you to get in touch with your lawyer, and we never ask you to sit down with a paralegal or assistant instead.
As our relationship continues, we will keep you updated about the status of your case every step of the way. Your lawyer will reach out regularly to tell you about any new developments, and he will also be happy to answer any questions you have throughout the process.
