Most people work very hard for their money, in part so they can create a better life for their children and so they can support the causes that they care about. When you have dedicated yourself to building wealth to provide for your loved ones, you also need to take steps to protect your assets and to ensure that those assets can create the legacy you intend. An estate planning lawyer can help.
Unsworth LaPlante, PLC provides invaluable assistance throughout Vermont with the process of creating a comprehensive estate plan. Estate planning is not just something which should be done by people who are classified as senior citizens, as an untimely death or incapacitating illness or injury could strike anyone at any time.
You deserve to preserve and protect all you have worked for, so give us a call today at 802-879-7133 to get personalized advice on your estate plan. We can also answer questions you may have including:
- What is involved in the estate planning process?
- Who should make an estate plan?
- How can a Vermont estate planning lawyer help me?
What is Involved in the Estate Planning Process?
The estate planning process can be as simple as you want it to be or as complex as you need it to be. At its most basic, you estate plan should include a last will and testament. Your will can provide your instructions for all that should happen when you pass away. From specifying who should become a guardian to minor children or who should take care of your pets to declaring what happens to your assets and what you want your funeral to be like, your will can contain lots of clauses which give you more control over the future.
For many people, however, an estate plan should include more than just a basic will. You may want to make provisions for some of your assets to transfer outside of probate so your family can inherit more quickly. You may want to protect your heirs and make sure they do not lose an inheritance through mismanagement or because of divorce or bankruptcy. You may want to ensure that minor children are provided for financially, with their money managed appropriately. You may also have a farm or family business you need to transfer or may be concerned about reducing estate taxes.
Since there are so many issues to address, it is beneficial for everyone to get personalized advice from an experienced legal professional. An estate planning attorney can sit down with you to discuss your family, your financial situation, your goals for the future, and the legacy you want to leave. Armed with this information, your attorney will help you to make effective use of all the legal tools necessary to accomplish your goals.
Who Should Make an Estate Plan?
While many people mistakenly believe that only older people need an estate plan or that only wealthy people need an estate plan, this could not be further from the truth. The reality is, young people may have small children who need care and having an estate plan is essential for parents so they can ensure that a child is always provided for both emotionally and financially. Young people may also have other issues to address regarding end of life issues and protecting family and loved ones after death.
Older people also need an estate plan, especially as they may have amassed substantial assets which they need to protect. If you are a senior, you should be speaking with an attorney not only to discuss how to plan for what will happen after your death but also to make sure you have taken steps to prepare in case you need to go into a nursing home and to protect yourself in case of incapacity in your old age.
The bottom line is, everyone should have an estate plan, but the planning process may differ depending upon your age, current family situation, and current asset level. Since there are different components of an estate plan and different legal tools which can be used, the best option for people of all ages is to speak with an experienced legal professional for personalized advice.
How Can a Vermont Estate Planning Lawyer Help Me?
Unsworth LaPlante, PLC provides assistance with estate planning to clients throughout Vermont, including in Burlington, Essex Junction, Montpelier, Rutland, White River Junction, St. Johnsbury and Newport. Give us a call today at 802-879-7133 or contact us online to find out more.