If you are putting off estate planning until you are much older or much wealthier, you are missing the point. The idea behind estate planning is taking advantage of the opportunity to implement plans that will be triggered by life’s unpredictable moments. Life is nothing if not unpredictable, and putting in the effort now can afford you the peace of mind you need to continue enjoying your life to the fullest. A great place to start is consulting with an experienced Nolanville estate and probate attorney at The Law Office of Brett H. Pritchard. 

Estate Planning and You

Estate planning is all about putting plans into effect for the future. While you can modify your estate planning tools at any time, having plans in place now that reflect your current wishes is the best way to cover your bases. You are very likely to live a very long and rewarding life, but planning for every contingency is always advisable.

If you are of the belief that you do not have an estate, that is because the term sounds loftier than it needs to. Your estate is simply everything of value that you own. This can be cash, bank accounts, investments, digital assets, and beyond. Family heirlooms also fit into this category. In other words, you have an estate, and it may be larger than you realized. 

Your Will

Your will is likely to play a key role in your estate plans. In your will, you can designate specific assets to specific people, and as long as your will is ultimately deemed legally binding by the probate court, you can expect your wishes to be upheld. 

There are certain assets that are passed on to your beneficiaries outside of probate, and these include all the following:

• Anything that allows you to assign a beneficiary 
• Anything that you have a transfer-on-death designation attached to
• Anything that is held in trust

Other than these, all your assets will move through probate, and your will is designed to guide how they will be distributed. 

The Probate Process

In your will, you are also advised to name an executor of your estate. This is a person whom you want to take the administrative reins as your estate moves through probate. As your executor, the individual accepts a fiduciary responsibility, which means accepting a duty to uphold the financial best interests of your estate and your heirs. 

Your executor will file your will with the probate court after your death, and this will begin the probate process. The court will need to validate your will and affirm that your candidate for executor is fit to serve. Once this is accomplished, the court will assign your executor to take action on behalf of your estate.

Next steps include all the following:

• Your executor will post a notice for any creditors who may have a financial interest in your estate and will resolve all remaining debts
• Your executor will pay your final bills and will file your final tax return
• The court will resolve any disputes or will contests
• Your executor will wind up your estate by distributing your remaining assets according to the wishes you outlined in your will  

Addressing Decision-Making Authority

In addition to matters related to inheritance, estate planning allows you to assign decision-making authority in the event you cannot make certain decisions for yourself. 

Living Will 

A living will is a document that allows you to definitively state which common medical procedures or forms of care you do or do not want. This is an important estate planning tool for anyone who has strong preferences on related matters.

Medical Power of Attorney 

Assigning medical power of attorney (POA) to someone whom you trust to make critical medical decisions for you in the event you are unable to do so can augment your living will. Ultimately, it is impossible to know exactly what kind of decision will need to be made, which makes having both a medical POA and a living will a good plan. 

Durable Financial Power of Attorney 

You can assign durable financial power of attorney to someone whom you trust to make key financial decisions for you. This can apply if you are incapacitated or cannot be physically present. Your durable POA bears a fiduciary responsibility to you – just like the executor of your estate does. 

Discuss Your Estate Planning Needs with an Experienced Nolanville Estate and Probate Lawyer Today

Brett Pritchard at The Law Office of Brett H. Pritchard is a dedicated Nolanville estate and probate attorney who is committed to helping you explore your best estate planning options. Our office will ensure your financial future is well mapped out and will instill your confidence in the process. Learn more by contacting or calling us at (254) 220-4225 today.