No one wants to think about life coming to an end or enduring have some type of incapacitation, but preparing for it is important to ensure your assets are properly managed. That’s why we focus on Estate Planning, to help an individual or family prepare for the unthinkable.

Estate planning is all about an individual making a plan for someone to manage his or her assets after their death or if they become incapacitated in some manner. Assets could include cash, investments, real estate, jewelry, etc. The reason Estate Planning is important is it reduces or eliminates the burden of paying the taxes of transferring assets to the legal, which reduces the amount of money taken away from the estate. Without Estate Planning, it’s possible that immediate family members will be the last to receive the assets even if they are direct heirs.

If there is no estate trust in place, it is possible the government or judge could decide on the allocation of the assets, meaning a friend or non-family member could receive the assets ahead of the immediate family members. An Estate Plan ensures the right beneficiaries in the trust receive the allocated assets when the time comes for assets to be disbursed. Having a plan in place for your estate also shortens the time assets are allocated in case a dispute arises among family members about who gets what and how much from the estate.  

At Earl Nelson Law Group, we will help you through setting up an Estate Plan or trust by explaining the main types of trusts, revocable and irrevocable, and which would be better for your situation. We can also help you set up guardianships for your minor children, naming a person responsible for the care of your child or children until they are the age of 18 years old.