Estate planning is important; without one, your loved ones may have to wade through tedious legal procedures after you die and your final wishes may not be recognized by state probate and intestate laws. In fact, the most common mistake people make when planning their estates is not actually taking the time to plan. To ensure that your last wishes are acknowledged, talk to an attorney and begin planning for the security of you loved ones today.
It is important to name a legal guardian for your minor children in your estate plan. Until now, you may have assumed that estate planning only involved your personal belongings and financial assets. This is false. Without an assigned, legal guardian, the state will decide who raises your children if you die before they reach legal adulthood. You can only assign guardianship in a will. Avoid this mistake by making sure that your children's future is protected in your estate plan. If you want more info about estate planning then you can also look http://speedwelllaw.com/alexandria-estate-planning-attorney/.
Estate planning can take effect before you die. If you become seriously ill or incapacitated before you pass away, your estate may fall into the hands of your beneficiaries. For example, if you suffer a stroke and are unable to manage your assets, someone else will be appointed to take care of them. If you plan ahead for incapacity, you are able to control who will be in charge of your estate if you become seriously. Additionally, you may include instruction for your medical care in the event of serious incapacitation.