Estate Planning Lawyers in Dover New Hampshire (NH)
Most people have an estate, which simply refers to personal possessions and assets. Some of those assets may be shared with family members, business partners, etc., and it’s important to have those things properly stored and organized. Estate planning includes naming the individuals or organizations you want be your beneficiaries after you die. It also includes making sure that plan is clear and easy to carry out when you’re gone.
An estate plan has several goals. You should start with an inventory and copies of all important documents and paperwork, as well as accounts and passwords to important assets. It is advised to keep that information in a safety box in a bank, with a copy of the key in your lawyer’s possession. One of them is to make sure that the money and property are correctly assigned to future beneficiaries, with no potential for legal disputes. You wouldn’t want the distribution of assets to be complicated for your heirs when they deal with it. If you have underage children, it’s important to assign a legal guardian to them, otherwise a judge would have to do that for you.
A well-prepared estate plan also includes plans in the event of incapacity, providing instructions on what types of medical intervention the patient would consent to, and assigning the role of decision maker for those decisions.
What is the benefit of estate planning?
The main benefit of an estate plan is its power to minimize the future expenses, delays, and loss of privacy. A well- prepared paperwork will simplify certain procedures. For example, which charity you’d want to donate money to, or business succession, can all be incorporated into an estate plan. Usually, estate plans include providing for one’s family, minimizing taxes, and providing for a proper distribution and stewardship of assets.
How do I Know If I Need a Will?
If you die without a will, there are rules in place in regards to who inherits the money, property and possessions. This may not align with your wishes on how your money and possessions should be distributed.
A will is a legal document. If you die without a will, state law governs. You need a will if you are married, have kids, or have a lot of assets. But you might not need a will if you are young, unmarried, childless, and without important assets.
What is the estate planning process?
Estate planning is when you decide who will receive your assets in the event of your death or incapacitation. It is often done with guidance from an attorney, and one of the goals is to ensure the person’s heirs and beneficiaries receive assets in a way that minimizes estate taxes.
Most importantly, of course, it is about taking care of your loved ones.
Contact us today
To speak with our estate planning lawyers Dover, Cohen & Winters can take some of that weight off your shoulders.