Estate Planning

Whether you are rich or poor, young or old, as long as you own possessions of any kind you automatically have an estate.  It is always better to have a plan, then leave things to chance.  That’s why the estate planning experts at Menlove Law listen to your needs and help set up the plan that is best for you, because we know that when it comes to estate planning, it is not one size fits all. Creating a custom estate plan with Menlove Law’s experienced estate planning attorney can be one of the most important things you do for your loved ones.

Estate planning is something that everyone should address early in life and it should evolve as your life situation changes. An estate plan is your way of ensuring that your wishes are followed after your death. Probate is the legal process that takes place after someone dies.  It can be costly and eat up the inheritance you had intended for you family.  Estate planning can help to avoid a costly probate and allow your assets to transfer to your heirs and avoiding long, drawn out court proceedings. Some components of an estate plan that should be considered are:

Last Will and Testament: Guarantees that your estate will be divided up according to your wishes. This document is for an individual person only.

Living Trust:  This allows simple transfer of your assets upon your death, however after it is established it can be changed throughout your lifetime. This document can be for an individual or a married couple

Durable Power of Attorney: This allows for a designated person to make financial and/or legal decisions should the person become disabled, hospitalized or otherwise incapacitated.

Durable Health Care Power of Attorney: This allows a designated person to make medical decisions on your behalf if you become too ill or unable to make decisions and have access to your medical records

Up-to-Date Beneficiary forms:  These apply to all bank accounts, 401Ks and other assets and should be reviewed annually.

We all know how easy it is to put off something we don’t expect to need right away.  But with everything going on in the World today, we realize that we need to be prepared because tomorrow is uncertain.  Take the time to establish your estate plan with Menlove Law so that you are assured that your wishes will be followed when the time comes.

For more information on how we can help with your estate planning needs, contact Menlove Law today!