Estate Planning FAQs

Life is unpredictable and it’s never too early to begin making plans for the future. There are many reasons that estate planning can be helpful:

• Ensure that your assets will be distributed according to your wishes.
• Avoid probate for your next of kin, which can be a time-consuming and expensive process.
• Protect your assets from creditors.
• Provide for your loved ones in the event of your death or capacity.

There are many different types of estate planning documents, but some of the most common include:

• Will: A will is a legal document that specifies how your assets should be distributed after you die.
• Trust: A trust is a legal entity that can be used to hold assets and manage them for the benefit of one or more beneficiaries.
• Power of attorney: A power of attorney is a legal document that gives someone else the authority to make financial and/or medical decisions on your behalf if you become incapacitated.
• Living will: A living will is a legal document that specifies your wishes for end-of-life care, such as whether or not you want to be placed on life support.

The cost of estate planning can vary depending on the complexity of your situation and the fees charged by your attorney. However, it is important to remember that the cost of estate planning is a small price to pay to ensure that your wishes are carried out after you die.

If you die without a will, your assets will be distributed according to the laws of your state. This may not be what you want, and it may result in your assets going to people you did not intend, which is why it’s advised to have a will in place and to review it regularly in the event of any desired changes.

The tax implications of estate planning can be complex. It is important to talk to an estate planning attorney, such as the attorneys of RQP Law, to understand how your estate plan will affect your taxes.