Inheritance can become a complicated issue if you don’t have an estate plan Troy prepared before you pass. Without a legally binding estate plan in place, your loved ones will have to endure a legal process where a judge decides what happens, and it can be long and expensive. But with a clear estate plan Troy drawn up, this process is unnecessary. Let the expert estate planners Troy at Axis Estate Planning help you prepare your estate plan so that your wishes are followed exactly and efficiently. We have the experience to write an estate plan for you that is thorough, direct, and legally valid to avoid any stress. When you create an estate plan Troy, there are generally two parts to the process:
- Identifying your estate – First we record all of what you can include in your estate, such as financial accounts, personal property, life insurance policies, and real estate.
- Transfer planning – After you pass, there will need to be some plan in place for transferring your property. We will work with you to decide how you want your things to be transferred and to whom you want them to be transferred.
Almost all estate planners Troy only look at your financial assets when creating an estate plan. Axis Estate Planning looks at finances, but we also make sure we preserve your legacy. Your loved ones want more than just money, they want something to remember you by. We can help to preserve things such as your family heirlooms and history, your morals and beliefs, and anything else you think is important. We let you leave your family with something meaningful in their inheritance.
What is included in an estate plan Troy?
You can include a lot of different things in your estate plan, so there can be a wide range of documents included. At the most basic level, estate plans Troy include a Will, Revocable Living Trust, Durable (financial) Power of Attorney, and a Medical Power of Attorney. Here’s what those documents do for your estate plan Troy:
- Will – The document where you name guardians for any minor children and direct your assets to their inheritors. A Will alone does not avoid probate. In fact, if there is only a Will then probate will be necessary.
- Probate is the lengthy, often expensive process of validating a Will in court following a death.
- Revocable Living Trust – This acts as your personal “treasure chest,” holding your assets until you become incapacitated or pass away, at which point the instructions you provided in the Revocable Living Trust Troy will explain how to transfer your assets.
- There are many advantages to having this. This will allow your family members to avoid probate, it offers flexibility, as well as control and management of your assets, and it reduces the chance of challenges to your estate, among many other benefits.
Estate planning Troy is helpful while living, too
Estate planning Troy is beneficial to you while you’re alive, it’s not only for transferring assets once you’ve passed on. If you ever are unable to make decisions regarding your health and finances, you can rely on your estate plan to help. In your estate plan, you’ll decide who will take care of your medical decisions (Medical Power of Attorney), and who will take care of your financial decisions (Durable Power of Attorney). This way, you won’t have to worry about getting the medical care you need or having your bills go unpaid. This, among many other reasons, is why you should have an estate plan Troy in place to protect your future.
If you’re interested in learning more about estate plans Troy and how they can benefit you, ask the team at Axis Estate Planning. We’ll do everything necessary to create the perfect estate plan for you so that your wishes are carried out as they should be.