Why Estate Planning is An Important Part of
Your Family’s Legacy
Did you know that according to a 2024 survey by D.A. Davidson, over two-thirds of Americans do not have an estate plan? The reasons for this vary. Some people mistakenly believe they don’t have enough assets to warrant an estate plan. Others procrastinate, putting it off year after year. The most concerning reason is a lack of understanding of what estate planning entails.
What is Estate Planning?
Estate planning is arranging for the management and distribution of your assets – financial, physical, and digital – during your lifetime and after your death. It encompasses a variety of legal documents and strategies designed to achieve your goals. These goals may include:
Protecting minor children
You can designate guardians to care for your children and manage their assets if you can no longer do so.
Business succession planning
If you own a business, estate planning can ensure a smooth transition of ownership and leadership to the next generation.
Ensuring smooth asset distribution
A will dictates how your assets will be distributed after your passing. This includes real estate, bank accounts, investments, and personal belongings.
Planning for special needs
You can establish trusts or other arrangements to ensure the continued care of loved ones with special needs.
Minimizing taxes
Sophisticated estate planning strategies can help reduce your estate’s tax burden, leaving more for your beneficiaries.
Healthcare decision-making
Living wills and healthcare proxies allow you to designate someone you trust to make medical decisions on your behalf if you are incapacitated.
The Benefits of Estate Planning
Having a comprehensive estate plan offers a multitude of benefits for you and your family:
Peace of mind: Knowing your wishes will be carried out after you’re gone provides a sense of security and peace of mind.
Reduced family conflict: A clear and well-defined estate plan can help prevent confusion and disputes among your loved ones.
Protection for loved ones: By planning for the future, you can ensure your loved ones are financially secure and adequately cared for.
Reduced probate costs: Probate is the legal process of administering an estate after death. Without a will, the court will decide how your assets are distributed, which can be expensive and time-consuming.
Preserving your legacy: Estate planning allows you to ensure your assets are distributed according to your wishes, reflecting your values and priorities.
Common Estate Planning Tools
During your initial consultation with our experienced estate planning attorneys at our Edwardsville office, we will discuss the various tools available to create a personalized plan for your unique situation. Here are some of the most common estate planning tools:
Will: A legal document outlining how you want your assets distributed after your death. It also allows you to appoint a guardian for minor children and an executor to manage your estate.
Trusts: Legal arrangements where a trustee holds assets to benefit designated beneficiaries. Trusts offer several advantages, including probate avoidance, privacy in asset distribution, and the ability to control how assets are distributed and used.
Power of Attorney: A legal document granting another person the authority to make financial and healthcare decisions if you are incapacitated. This can be a temporary or permanent arrangement, depending on your needs.
Healthcare Directives: Living wills and healthcare proxies detail your wishes for medical treatment if you cannot communicate them yourself. A healthcare proxy designates someone you trust to make medical decisions on your behalf.
Beneficiary Designations: Specifying beneficiaries on assets like life insurance policies, retirement accounts, and bank accounts ensures these assets pass directly to your designated beneficiaries, bypassing probate.
The Estate Planning Process at Opel Bash Group
We understand that estate planning can seem overwhelming. At Opel Bash, we are committed to making the process as smooth and stress-free as possible. Here’s what you can expect when you partner with us:
Initial Consultation: During this free consultation, we will discuss your goals, assets, and family dynamics. We will answer any questions you may have and explain the estate planning process in detail.
Planning and Document Drafting: Based on the information gathered during your initial consultation, our attorneys will work with you to develop a personalized estate plan. This may involve creating various legal documents, such as a will, trust, power of attorney, and healthcare directives. We will take the time to explain each document thoroughly and ensure you understand its purpose and implications.
Review and Refinement: Once the draft documents are complete, we will schedule a follow-up meeting to review them with you in detail. This is your opportunity to ask questions and make necessary revisions to ensure the plan accurately reflects your wishes.
Finalization and Execution: After you are satisfied with the documents, we will guide you through the signing process. This typically involves witnessing signatures and notarization to ensure the documents are legally valid.
Safekeeping and Ongoing Support: We will provide you with secure, physical copies of your estate planning documents. Additionally, we offer digital copies for your convenience. Our commitment to you extends beyond the initial planning process. We are here to answer your questions and provide ongoing support as your life circumstances evolve.
Taking the First Step
We know that estate planning can be a sensitive topic. However, taking the first step to secure your family’s future is an act of love and responsibility. At Opel Bash, our compassionate and experienced attorneys are here to guide you through the process with empathy and understanding.
Don’t wait to take control of your future and protect your loved ones.
Contact Opel Bash today and start building your legacy today!
Scheduling with our attorney team is easy. Simple click on the attorney’s name to view their availability and schedule your initial complementary consultation.
Kathie Opel Erica Bash
We look forward to partnering with you to create an estate plan that provides peace of mind for you and your loved ones.
