No matter how old you are or where you are in life, it is always the right time to contact an estate attorney and put together your estate plan. But the need for an estate plan becomes even more critical if you have beneficiaries who are minors or who have special needs.
If you have adult children, it is likely that they will be able to work out your estate’s affairs independently. But if you have young children at home, your estate plan allows you to put certain protections in place. While most estate plans dictate that a child can receive property when they reach the age of 18, few teens can manage significant property holdings. A trust may be a good option and can give an executor or trustee the power to hold the property until the heir turns a set age, like 25 or 30.
Working with an estate attorney early on can also prevent the probate process from becoming overly complex after you die. Probate refers to the process of administering an estate after someone dies. During this process, the will and other related documents are presented in court. This process gives your creditor a chance to claim any money owed to them and for the distribution of the estate’s assets to occur.
Since probate can be an expensive and time-consuming process, most families prefer to work with an estate attorney who can help them minimize the complexity of probate and ensure the smooth transition of wealth and property. If you want to establish a trust, learn more about reducing the length of probate, or even just create a simple will, contact us at The Law Offices of Kayce C. Staehle today.
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Planning your estate is essential no matter how old you are or your situation in life. If you have yet to estate plan, let our firm help you with all aspects of the process.Book a FREE Call Now!