Ever heard of the phrase family comes first of blood is thicker than water? If you haven’t, they mean that you should prioritize your family members more so than nuclear families. As a parent, you want the best for your children and spouse.
You want them to prosper and live the best life possible. Unfortunately, tragic events may occur like getting cancer, being involved in an accident, mental illness, which may hinder your judgment, or passing away.
Not planning early enough on what to do can cause severe challenges to your family members and leave them worse. Having an estate plan in place can help you avoid family conflicts and have peace of mind. There are many law firms where you can get an estate plan attorney such as the Weisinger law firm.
Can you have an estate plan if you are not wealthy
Yes, you can. An estate plan can be done for anyone. You don’t need to be rich to have one. It is highly recommended for wealthy people since they may have many properties with different laws when it comes to managing the properties or inheriting them.
Middle- and low-class citizens can also have an estate plan. What counts is the property that you have, which is referred to as an estate. This can be a car, a house, a previous inheritance, or small investments. What counts is that you have a plan in place because once you pass away, you don’t have any control.
What options do you have to protect your family?
Estate plans have many options you can choose from. You only need to consult an estate plan attorney who advises you what best fits your scenario. The options include having a will, trust, guardianship, and power of attorney.
Have a well-detailed will.
A will is a legal document that details who inherits your property after you pass away. An estate plan attorney will help you know how to draft a legally binding will. However, you need to have a lot of consideration when making a will.
Wills can get controversial among family members, especially if you happen to leave one of them out. To ensure that there is no family bickering, ensure that you at least leave something for everyone, no matter how small.
The benefits of having a will are that you have control over who gets what. While making the will, it is essential to prioritize responsible and selfless family members who will take care of your property and other family members. Not having any estate plan at all can make things get quite messy.
Choose your designated guardian for your children
Another option in an estate plan is being able to choose a legal guardian for your children. As a parent, you are the only one who knows who will have the best interest of your kids. Finding a guardian can be challenging. Guardians of your children can be their elder siblings, a close relative, your sibling, or your best friend.
Once you identify who you want to be, the guardian of your children, you can then contact an estate plan attorney and have it in writing. The guardian’s duties are to make decisions on behalf of your children until they reach the legal age to decide on their own.
Have a Trust.
A trust enables you to transfer ownership of your property to a holding company known as a trustee. Trusts are a great way to distribute the property as per your directives. There are many ways to distribute property. You can set a specific period and impose certain conditions to be met for your property to be distributed. An estate plan lawyer explains to you your options when it comes to having a trust.
Powers of attorney
An estate plan protects you and your family when you pass away and when you happen to get in a devastating condition where you cannot make decisions. Through a power of attorney, you can decide who can make the decisions on your behalf.
Having an estate plan is a good initial way of protecting your family. It doesn’t matter if you are wealthy or not. There are many options to choose from, and at the Weisinger law firm, our attorneys will help you create a plan that protects your family, your interests, and one that carries out your wishes.