by Flora Garcia-Sepulveda

Estate Planning LawJanuary 21, 20250 comments 0 Likes

Guaranteed Peace of Mind with Will and Estate Planning

We often put off will and estate planning, assuming it’s a long, complicated process. But in reality, it’s quite straightforward. You even have a team of experienced attorneys at WGS Law ready to guide you every step of the way. Just contact us or schedule a virtual consultation via Zoom today.

The Basics of Will and Estate Planning

In simple terms, will and estate planning means putting together a plan to manage and distribute your assets after your passing. A will is a more basic document as it primarily outlines how your assets will be distributed among your beneficiaries.

However, an estate plan is more comprehensive. It includes guidelines about managing your assets, assigning power of attorney, making healthcare decisions, etc. This plan not only guarantees your wishes are followed but also reduces legal complications and prevents family disputes in the future.

The Benefits of Will and Estate Planning

Some of the key benefits of having a well-crafted estate plan in place include:

1. Support for Loved Ones

Estate planning allows you to take care of your family even after your passing. You can use this plan to clearly outline who will inherit your assets, make important healthcare decisions, and appoint someone to manage your finances.

2. Protects your Business

If you own a business, an estate plan can provide specific instructions for how it will continue to run after your passing. You can use it to plan a smooth transition of ownership by designating a successor and providing clear instructions for management.

3. Clarity and Control

Estate planning gives you a level of clarity and control over who will inherit your assets and belongings. It helps you carry out your wishes without any potential confusion among your loved ones.

4. Fewer Legal Complications

It would be hard for your family to deal with your passing, and legal obligations can only add to the stress. You can ease their burden by setting up a comprehensive estate plan in advance. It would list the intended beneficiaries and guardians while reducing the risk of legal disputes and estate taxes.

What Documents You Need to Prepare for Estate Planning?

Paperwork is crucial in estate planning. Your attorney will help you in this area, but in general, here’s a quick breakdown of the key documents you’ll need:

• A will or trust specifying how your assets will be distributed
• A power of attorney that grants authority over financial decisions
• Information about designated beneficiaries with various institutions
• A healthcare directive for your medical decisions
• A letter of intent for expressing your wishes or special requests

This list will vary depending on your assets. For example, if you own cryptocurrencies, you may need to include a document detailing how to access and manage your digital wallet. Your attorney will help ensure all your assets are properly included and the instructions are legally sound.

Work With Our Estate Planning Attorneys

Our experienced attorneys will help you craft an estate plan as per your wishes. Just schedule a virtual consultation, and we’ll help you create a personalized plan for the future.