It may seem oxymoronic – spending money to save money. However, when it comes to estate planning, you can’t be too careful. After all, your estate plans may affect the lives of your loved ones for years to come. This is not the time to get a bargain basement deal. In fact, you can actually save money with a solid estate plan.
A Solid Estate Plan Helps Protect Your Assets
You may be able to add asset protection trusts to your estate plan. Does it cost more to form a trust that write a Will? Yes, but you will save money by protecting your assets from creditors, civil judgments, and vengeful ex-spouses.
Wouldn’t you rather give your hard-earned assets to your loved ones?
Avoid Guardianship with a Solid Estate Plan
A solid estate plan typically includes a durable power of attorney. In this powerful legal document, you can name someone to step in and make financial decisions for you if necessary.
Without a durable power of attorney, you family will have to ask a court to appoint a guardian. As they move through the court system, they will pay court fees, filing fees, attorney ad litem fees, attorney fees, expenses, and more. In the meantime, your investments may be losing money and your bills may go unpaid.
You and your family may save money in the long run. After all, the cost of preparing a durable power of attorney is negligible compared to the cost of a guardianship.
An Estate Plan Can Help Avoid Probate
It’s possible to use your solid estate plan to help your family avoid a costly, time-consuming probate proceeding. How? Three possible options are:
- Form trusts naming your family members as beneficiaries. Transfer assets to the trust to fund it. After you pass away, trust assets will be distributed to your heirs. Probate typically is not necessary.
- Use beneficiary designations on your insurance policies and financial accounts. Upon your death, the funds pass directly to the beneficiaries without the delay of probate.
- Consider jointly titling your property so that it passes directly to your heirs.
Plan for Incapacity Through Your Solid Estate Plan
Using the right estate planning strategies, you can set up trusts that address future incapacity. You may still be able to pass a nice inheritance to your loved ones while still paying for long-term care.
Call Us Today. Let Us Know You Are Ready to Begin.
We urge you to consult with one of our attorneys as soon as possible. To set up an appointment, call us at 612.888.1000 or send us an email at firstname.lastname@example.org. Our main office is in Minneapolis, with other offices located in Maplewood, Cambridge, Edina, Mendota Heights, and Red Wing.