Frequently Asked Questions About Estate Planning
As you get older and your family and finances grow, estate planning can start to become more relevant to you. Gieg Law Offices LLC understands that there are many misconceptions about estate planning. We are here to clarify and review your options. Call 814-204-1274 or email us in Altoona to discuss your needs.
Why Do I Need An Estate Plan?
An estate plan blends the personal nature of your values with the practical nature of your finances. Therefore, your estate plan can give you a higher degree of control as well as peace of mind.
When Should I Get An Estate Plan?
It is never too early to begin thinking about the future of your belongings and your loved ones. The timing is unique to everyone, and it is a choice that only you can make.
However, many adults create an estate plan when their first child is born, when they marry their spouse, when they accumulate significant assets or when special circumstances call for a thorough plan. If you choose to write a will or form a revocable trust, you can update your plan as life changes.
How Much Does An Estate Plan Cost?
The cost of estate planning depends on the methods you use. Forming a trust is typically more expensive than writing a will. However, many people who work with an estate planning attorney gain more than they spend on their plan over time. Creating a comprehensive estate plan can help prevent several types of future costs, such as estate taxes and probate court fees.
Will Estate Planning Protect Me From Probate?
Without a valid will, your estate will enter probate according to intestate laws, which might not divide your estate ideally. With a valid will, your estate will pass through the probate court, but your will determines what happens next instead. However, it is important to routinely check and update your will to ensure that it remains valid throughout your lifetime.
Do I Need More Than A Will For My Estate Plan?
Estate planning accounts for more than inheritance. You can also specify your end-of-life medical wishes, prepare for Medicaid or grant power of attorney to someone you trust to take care of you.
Certain people should consider whether a trust is also advantageous for their circumstances. Trusts can accomplish a variety of goals, from shielding your assets from creditors to protecting your child’s college savings. Your attorney can help you decide whether a trust is right for you.