It is important to have a well-thought-out estate plan in place, no matter how big or small your assets may be. Estate planning involves deciding who will manage your estate and receive it after you die.
Having an attorney to assist with the process can help ensure that everything is done correctly, according to state and federal laws. Seda Law Firm has vast experience as an estate attorney is the perfect tool for taking control of what will happen with your legacy after you pass away.
Estate Planning: What It Is And How The Process Works
Estate planning is preparing for the protection and distribution of an individual’s assets after death. It involves creating a plan that addresses how a person’s financial affairs will be handled when they pass away, including the distribution of their property, investments, debts, and other assets or liabilities.
The process begins by evaluating a person’s financial situation and determining what needs to be done to protect their assets and provide for their family. This includes creating a will or trust, which outlines how the estate should be divided among heirs and beneficiaries, and choosing an executor who will oversee the estate’s affairs after death.
Durable Power Of Attorney
DPA means you appoint someone to make decisions on your behalf if you cannot do so yourself. This person will handle your finances, property, and other important matters.
Wills & Living Wills
A will is a legally binding document that details how your estate should be divided among your beneficiaries after you pass away. A living will, also known as an advance health care directive, is a document that outlines what kind of medical treatment and end-of-life decisions you would like to have made if you become incapacitated.
Assets You Can Include For Estate Planning
Estate planning is not just about what happens to your property and belongings after you’re gone. It also includes making plans for the financial future of your loved ones, which includes making sure they are taken care of with sufficient funds.
Stocks And Business
Stocks and business investments can provide a source of income for family members who may be struggling economically or may not have the means to support themselves without additional help.
Assets such as stocks are also typically easier to transfer than physical assets like real estate or automobiles, which makes them a great tool for estate planning.
Retirement accounts are a great asset to include in your estate planning. When you pass away, retirement funds can help support surviving family members and ensure they have the money they need to stay afloat. Retirement accounts also provide tax benefits that could benefit you or your heirs when filing taxes.
Checking And Savings Accounts
Checking and savings accounts can help pay for funeral expenses, medical bills, and more. They also provide an emergency fund for surviving family members if needed. Furthermore, these accounts are often liquid assets, which can quickly be accessed or transferred at any time.
Some life insurance policies in Edmond, OK, also accumulate cash over time, providing additional benefits that could help your loved ones in the long run. Life insurance can also pay off debt or provide a source of income for surviving family members, which is incredibly important when planning an estate.
Personal possessions can have a great deal of financial and sentimental value, making them an important asset for estate planning. In addition to being able to pass down heirlooms or prized items, personal possessions can be sold to provide additional income for surviving family members if necessary.
By including these assets in your estate plan, you are ensuring that your loved ones will have the financial support they need after you’re gone. With the right planning from Seda Law Firm, you can ensure that your legacy lives on and your family is taken care of.
Seda Law Firm: Helping Edmond, OK, Residents
If you are seeking an experienced attorney to help you create a comprehensive estate plan, then look no further than the Seda Law Firm. Located in Edmond, OK, this estate planning firm specializes in all aspects of estate planning law, from creating wills and trusts to developing succession plans.
The head of the firm is estate attorney Roberto Seda, who has years of experience in the field and focuses on providing individualized advice tailored to each client’s unique circumstances. We understand that estate planning can seem daunting. We strive to ensure that every client feels comfortable with their plan and understands every aspect of its implementation.
Our team provides personalized guidance and answers clients’ questions about their estate plans. We invite you to entrust us with your legal needs regarding estate planning and real estate transactions so that we may help you confidently create an effective strategy for asset protection now and into the future!