How to Achieve Peace of Mind with Estate Planning
Coming to terms with one’s own mortality is unlikely to be at the forefront of many people’s minds, especially those who are young and healthy. As our years advance though, the need to know that those we love are taken care of in the event of our passing, becomes stronger. That’s when most of us think about making a will. However, a simple will is but a part (albeit a very important one) of planning for the future of your estate and the wellbeing of yourself and your family.
Bob Kalenda has been helping people plan their estates with wills and trusts as well as financial planning, for over 35 years. His extensive experience in this area of law has given him the ability to understand and empathize with clients. Bob’s law firm, Kalenda Law Office is located in St Cloud, MN, and can be contacted at (320) 255-8840.
It’s never too early in adult life to begin estate planning. On this page we’ll uncover a few facts about estate planning and who can benefit from it.
Estate Planning is for Life
Planning for your estate encompasses more than simply preparing a will. There are many more things you can do to safeguard your estate. Your last will and testament alone may not protect your estate from going through probate. Furthermore, you should think about what will happen in the event that you are mentally or physically incapacitated and can no longer communicate decisions for yourself.
Revocable living trust arrangements and similar mechanisms are designed to give you control over who handles your decisions, estate and business activity should you become incapacitated. Through these arrangements, you can grant power of attorney to an agent of your choice, instead of losing control to the state.
Avoid Probate and Reduce Taxation
Probate proceedings are long-winded, complicated and can become expensive. A will does not disqualify your assets from probate. Effective planning with the aid of a professional can reduce the impact of probate on those who survive you. Similarly, an attorney can help you take steps to minimize taxation and make sure your heirs derive maximum value from your estate. For example, if your estate is of high value, an estate planning attorney can help decide if an irrevocable trust is the right way to protect your heirs from estate tax.
Who Benefits from Estate Planning?
Proper plans help to ensure that your wishes are carried out when you no longer have personal control over their realization. The planning process is a positive way to secure your own peace of mind and that of your heirs. By involving your loved ones in the planning you can achieve a state where everyone knows their future position. You and yours can live free of anxiety, knowing your wishes can be executed without interference.
As with any plan, you should review your personal estate occasionally. Circumstances change as life goes on and plans have to change accordingly. By reviewing your estate in a structured way at appropriate points in life, you’ll spare future beneficiaries from unwelcome surprises.
The main parties to derive benefits from estate planning are:
- You, the planner, no matter how small or big your estate.
- Your spouse, children, and anyone who is to be your beneficiary.
- Your executer of estate (who may be your spouse or a relative).
- Your charities, if you plan to leave donations.
- Your pets, yes, that’s right, your pets.
We are a nation of animal lovers, after all. So isn’t it only right that plans should be in place for the pets that we love and care for? Pet estate planning therefore, is another factor to consider in an overall estate plan.
How Kalenda Law Office can help you Achieve Peace of Mind
Bob Kalenda is ready to help you ensure that your desires and wishes live on through development of a proper estate plan. Kalenda Law Office practices throughout the state of Minnesota and specializes in the following estate planning services:
- Creating a will
- Living Wills
- Living Trust
- Living revocable trust
- Setting up a trust fund or trust account
- Tax matters for trusts and estates
- Power of attorney
- Setting up an irrevocable trust
- Financial planning
- Pet estate planning
Estate planning is for everybody, of any age and it’s important in securing peace of mind. The investment is a worthy one, with benefits for you, your family and even your pets. Enlisting the aid of an estate planning attorney can ease the process. You can find out more about the services that Bob provides by browsing this site.
If you’d like to schedule an absolutely free, no obligation consultation, Kalenda Law invites you to contact us at (320) 255-8840.