Your estate plans represent the care and concern you have for your loved ones. Instead of thinking about your will and other estate planning tools as making plans for your death, frame them as your gift to those you are closest to. Putting effort into your estate plans is another form of putting effort into your family, and the peace of mind it affords can be difficult to overstate. An experienced Oscar estate and probate attorney at The Law Office of Brett H. Pritchard is on your side and has the legal skill to help.

Creating a Will Does Not Signal Your Demise

If you are putting off creating a will or implementing any other estate planning tool because you think it will jinx you, you are not alone. But the truth, of course, is that having an estate plan in place has absolutely no bearing on your lifespan. You have a big, exciting life ahead of you, and having well-considered estate plans in place can give you the confidence you need to enjoy it to the fullest. 

Your Estate Plans Can Help Your Family Avoid Conflict

The loss of a beloved family member is a very difficult time for everyone who is left behind. Everyone experiences grief in their own way, and the intersection of this with the challenging probate process sets the stage for fights to break out. In fact, even families who are very close and do not experience a lot of interpersonal turmoil often come face to face with it after the death of a loved one.

Many estrangements between family members are precipitated by the loss of a loved one and the probate process that follows. And your estate plans can help to ensure that this does not happen to your family. The more effort you put into your estate plans, the more likely it is that your family will pull together at the time of your death rather than be broken apart. 

It should go without saying, but your will is not a great venue for settling scores or for sharing big surprises. A much better approach is to be transparent about your wishes. This means that everyone will know what to expect, which can help dial back the stress involved. 

The bottom line is that there is an emotional component when it comes to money. In the same way a divorcing couple may fight over an item that neither really wants, families who are going through a difficult loss are more prone to fighting over the distribution of assets. And this is something to keep in mind regarding your estate plans.   

The Impact of Your Estate Plans

Your estate plans afford you an excellent opportunity to plan for the future with an eye towards benefiting those who mean the most to you. In so doing, you may be surprised to find that having this off your plate frees you up to really live in the moment and to enjoy the company of your loved ones fully. 

A final point that should be made is that estate plans are not a one-and-done kind of thing. You should revisit them periodically to help ensure all the following:

• That they remain up to date
• That your heirs are all included
• That they reflect your wishes 
• That they address your entire estate

The Parts that Make Up Your Estate Plans

Your estate plans will be unique to you, but the basic elements are generally the same across the board.

Your Will

In your will, you will outline the assets that make up your estate and will clearly express your wishes regarding how they will be distributed. If you do not have a will, the state’s laws of intestacy will prevail, and the final results could be a far cry from what you would have chosen. You can also address the matter of legal guardianship of your minor children.

The Executor of Your Estate

In your will, you should name an executor of your estate. This individual will go on to guide your estate through the challenging probate process, which means you should choose someone whom you trust to uphold your best interests and to get the job done.

Beneficiary-Based Assets

There are certain assets that avoid the probate process altogether and go directly to your heirs on your passing. These include anything that assigns beneficiaries, such as retirement accounts. Properties with transfer on death deeds also bypass probate – as does anything that is held in trust.

Speak to an Experienced Oscar Estate and Probate Lawyer about Your Estate Plans Today

Brett Pritchard at The Law Office of Brett H. Pritchard is a proactive Oscar estate and probate attorney who is committed to helping you build the comprehensive estate plan that is right for you and your family. Learn more by contacting or calling us at (254) 220-4225 today.