If you have kids, you should have an estate plan.
The Law Shop by Skogerson McGinn LLC is a boutique unbundled legal services law firm in central Iowa. They offer a wide variety of services including estate planning, getting a divorce, buying a home, criminal representation, child welfare, and adoption law, among others.
Estate planning 101: what is it, why do you need it, and how do you get it
What is an estate plan?
Two things in life are certain – death and taxes, right? We have to plan for both of them. Although planning for what you want to happen leading to, and after, your demise isn’t the most light-hearted of happy hour conversations to have, it is necessary.
Things you will decide in your estate plan include:
- Who do you want to make decisions regarding your medical care in the event you are unable to do so yourself?
- Who do you want to make decisions regarding your financial affairs in the event you are no longer able to do so yourself?
- Do you want life-sustaining procedures if it is deemed you have an irreversible condition from which, to a reasonable degree of medical certainty, there will be no recovery?
- Who do you want to be the guardian of your child(ren) if you are no longer living?
- Do you need a trust? (What is a trust, anyway??)
- What do you want to happen to your most prized possessions?
- And many others.
An estate plan normally contains, but is not limited to, the following documents:
- Financial Power of Attorney
- Health Care Power of Attorney
- Last Will and Testament
Why do I need an estate plan?
Many people believe that unless they have millions of dollars to convey at their death, they do not need an estate plan. That simply isn’t true. If you do not convey your wishes via a last will and testament, your relatives or the state in which you live could decide what happens to most of your things and your money. The state or other relatives could also decide where your minor children will live and what would happen to any property or monies they would receive as a result of your death. There are certain assets or items of property that are not able to be conveyed via an estate plan. These are called non-probate assets. A Law Shop attorney can discuss what things you can convey your wishes about in an estate plan and what things you have to do so separately.
How do I create an estate plan?
Call The Law Shop by Skogerson McGinn LLC today and they can set you up with the appropriate plan to ensure your wishes are honored and your loved ones are taken care of. Learn more by visiting their website www.lawshop.net.
Address :: 413 Grant St. Van Meter, IA
Phone :: 515-996-4045
Online :: www.lawshop.net
This article is part of a series from The Law Shop By Skogerson McGinn LLC. Find more below.