Estate planning is one of the most beneficial ways you can provide support for your family. When properly constructed, an estate plan can benefit generation after generation of your loved ones. There are many different ways to construct an estate plan, and it is important that you understand all of your options before you make any key decisions about what will happen to your assets.
With the help of Goebel Estate Planning, you can explore your choices and create an intentional estate plan that most strongly supports your finances and goals.
Attorney Hillary Goebel knows that planning for the end of your life can be emotional. Because of this, she approaches each client with a high level of compassion and patience. You can trust her with this vulnerable process because she is committed to listening to your story and helping you make the right decisions for your unique situation.
Hillary also has a strong understanding of the laws and regulations that affect an estate plan. Armed with this knowledge, she will help you to understand your options and answer any questions you may have throughout the process. You can trust her to provide honest and straightforward information that empowers you to make decisions that are right for you and your family.
Estate planning is the process by which an individual or couple decides what will happen to their assets after they pass away. There are several tools that you can use in the estate planning process, depending on your circumstances and goals. Hillary Goebel will help you to understand your options thoroughly.
It is important to understand the estate planning tools at your disposal.
Wills are the most common type of estate planning tool, and it is never too early to create one. A will outlines what will happen to key assets when you pass away. Many people include their home, car, savings accounts, and similar information in their will.
Additionally, your will can outline what will happen to your dependents when you pass away. In other words, most parents assign a guardian for their children in their will. By completing this step, parents protect their children from being put in foster care or placed with a family member with whom they do not have a good relationship.
The last step is to name an executor in your will. This person must carry out your wishes and distribute your assets. If you do not name an executor, or you have no will, the court will assign the role and all items to your next of kin.
Trusts are a complicated but powerful tool in the estate planning arsenal. When you create a trust, you place your assets into an account called a trust. A trustee, whom you assign, will hold the account in your place. When you pass away, the trustee distributes your assets according to your wishes. Properly drafted and funded trusts do not go to probate court.
You may access and make changes while you are still alive if you have a living trust. An irrevocable trust minimizes the amount of taxes you have to pay, but you may not access your own assets or make any changes.
In most cases, an estate must move through probate court before it can be released to the person assigned to estate administration. In probate court, the state settles any debts that the deceased has, including taxes and personal loans. In addition, probate fees must be paid. These fees are statutory and significantly reduce the amount that your beneficiaries inherit.
During probate, the court also determines whether an estate plan is valid or not. If the documents that the deceased created are not valid, the court will release the estate to the deceased’s next of kin, regardless of what the deceased may have wanted.
It is important to have an attorney on your side to make sure that you have created a valid and enforceable document. You will have peace of mind by creating a comprehensive set of documents making up your estate plan. This is also a future gift to your loved ones, saving them the difficulty of making decisions and enduring probate.
When you work with Goebel Estate Planning, you have resources that enable you to thoroughly understand your options. Estate planning is complicated, and it is easy to get confused about the details of different tools and accounts. Attorney Hillary Goebel can help you to understand better and maximize the benefits that you offer to your family.
You do not need to be elderly or wealthy to begin the estate planning process. Most adults would benefit from creating an estate plan. At the very least, you should create a plan for your assets as soon as you buy a home, get married, or have children.
You do not need to have significant or expensive assets to begin the estate planning process. A few valuable or sentimental assets warrant a simple will, at the very least. Estate planning gives you control over the future of your belongings, and it is never too early to begin.
When you get in touch with Hillary Goebel, she can help you begin the estate planning process for your family. Whether you have a few small assets or a sprawling estate, she has the tools and experience to guide you to the right estate planning options. She is confident that she can create a unique and personalized plan that works for your family.
If you would like to learn more or want to schedule a consultation, please contact Hillary Goebel today.