What is Estate Planning
Estate Planning is the legal means to take control and determine specifically what will happen to your assets, possessions, and minors in your care, if you become incapacitated or when you pass away.
Estate planning is a way of easing the burden for your loved ones by ensuring that your wishes for your estate are fulfilled. Estate planning can be an invaluable gift to yourself and the people you love.
With a Proper Estate Plan You Can:
- Appoint someone to handle your affairs if you become incapacitated
- Specify your later-life healthcare preferences
- Avoid probate altogether
- Determine how your assets will be distributed upon your death
- Appoint a guardian for your children
- Minimize estate taxes
- Maintain privacy over your financial affairs
Estate Planning is Not Just for the Wealthy
You should consider estate planning if you have:
- Children under the age of 18 or special needs children of any age
- Assets worth $100,000 (don’t forget life insurance counts as an asset as well!)
- A desire to minimize estate taxes
- Concerns about what will happen if you become incapacitated
- Preferences for your later-life care
- A blended family
- Preferences about the distribution of your possessions after you pass away
- A wish to maintain privacy over your financial affairs
A Will is a Great Start
A will is a good way to begin your estate plan, however it does NOT avoid probate by itself. That’s why at Ranjha Law we design comprehensive customized solutions which “cover all your bases” and accomplishes exactly what you want in the first place, and avoids probate altogether.
Why Avoid Probate?
Probate is a court-involved process for distributing the property of a deceased person and is required in many circumstances. The probate process can take a long time — 9 months, 2 years, even longer. It ties up your assets and can cost tens of thousands of dollars. Proper estate planning avoids the circumstances requiring the judicial supervision of the Probate Court in carrying out your wishes, making it easier and more cost-effective for your heirs. Our comprehensive estate planning solutions are designed to avoid probate altogether.
An Estate Plan Built For You
At Ranjha Law, our Estate Planing professionals take into account your unique situation and needs. We keep up with local, state, and federal laws affecting estate planning, in creating a fully personalized plan. Turning your wishes into a plan designed for you by caring professionals brings the peace of mind you need to know your affairs are in order.
Give us a call today to get started on your customized estate planning solution.