Estate planning is an important aspect of financial planning for an individual’s life that involves the transfer and maintenance of one’s personal and real in the future. The purpose of estate planning is to develop a comprehensive and well thought-out plan that will enhance your wealth and ensure the financial security of your estate for you and your family’s future. Mistakenly, most people believe estate planning is reserved only for the wealthiest individuals. However, it is something that everyone should engage in especially for families with modest estates, because they can’t afford to for assets to lose value because of poor estate planning.
At The Knapp Firm, our goal is to help individuals with their estate planning goals. We go beyond mere property disposition. We work closely with our clients to develop an estate plan that suits each individual’s specific circumstances. We at The Knapp Firm understand that a comprehensive estate plan will do the job of not only disposing of your wealth and distributing it as you desire, but to, in a real sense, boost and maintain your estate’s financial security to ensure your family’s future.
Anyone with an estate should have an estate plan. An estate is made up of everything people own including real estate, bank accounts, investments, personal property, etc. Because everyone has an estate, everyone should have an estate plan regardless of how large or small the estate is. The cost of engaging in estate planning is often minimal when compared to the cost of not having an estate plan. Without an estate plan, the state may distribute your assets for you in a way that is not in accordance with your desires. This may result in your family members being burdened with the expenses of contested probate proceedings and unfavorable tax consequences.
The first step in estate planning is conducting an inventory of all your assets. This means creating a comprehensive list of all your real and personal property, investments, retirement accounts, insurance policies, as well as items that may have more emotional value to you or your family, regardless of financial significance. Decide what you want to happen to your property and who you want to inherit them. This is a delicate process, and these decisions should be made in consultation with a good estate planning attorney who can ask the right questions.
If you are looking to create a comprehensive estate plan, you should seek experienced legal counsel to help you create a plan that is most suited for your particular circumstances. The attorneys at The Knapp Firm are seasoned advocates who will take the time to listen to you and ensure that your estate plan accurately conveys your wishes and is well-written to avoid disputes about interpretation. You may contact us for a free initial consultation by calling (870) 338-3100.