Troy estate planning is very important these days. Every situation can be very complicated. Inheritance transferring is not easy if you don’t have an estate plan to dictate how it should go. Without this Troy estate plan, your loved ones are left to go through a lengthy legal process where a judge decides what happens, and it can be expensive. With a valid estate plan though, you can avoid this legal procedure and have it be clear what you want done with your assets. The experts at Axis Estate Planning can write up an airtight Troy estate plan for you that covers all of your wishes and is legally valid. When creating an estate plan with us, there will be two parts:
- Identifying your estate – First we record all of what you can include in your estate, such as financial accounts, life insurance policies, personal property, 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.
Most estate planners are only worried about your finances and what will happen to your assets. That’s what most people expect, but Axis Estate Planning knows that there is more to a person than what they own. We also include your legacy in your estate plan. This way you can include things like your beliefs and morals, family history and heirlooms, and more in the process so that they are passed down to your loved ones. Financial inheritance is nice, but your loved ones are going to want more meaningful ways to remember you.
What is included in a Troy estate plan?
Troy estate plans can include a large number of documents, it depends on what you want included. An estate plan should at least have a Durable (financial) Power of Attorney, a Will, a Medical Power of Attorney, and if need a Revocable Living Trust. These documents provide the following benefits:
- 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 Troy Revocable Living Trust 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.
Troy estate planning is helpful while living, too
Estate plans aren’t only helpful for settling your affairs. They can also keep your wishes followed while you’re living, too. If you reach a point where you cannot competently manage your medical and financial decisions, you will have planned for that in your Troy estate plan. For medical care, you will have designated a Medical Power of Attorney to make sure you get the care you need. For finances, a Durable Power of Attorney will make sure that your bills are paid on time.
Staying healthy and comfortable as you age can be difficult if you don’t plan for it, so that’s why a Troy estate plan is so important to have. Not all estate plans are the same, they have to meet standards to be legally valid, and they have to be clear so that your wishes are not misinterpreted. The experts at Axis Estate Planning have experience in writing clear, valid Troy estate plans that will tell officials exactly how you want things to go. Don’t leave your future up to the uncertainty that will put stress on you and your loved ones, ask Axis Estate Planning about how a Troy estate plan can help you.