Why is Estate Planning necessary?
People work hard for their family, knowing a plan for their long-term well-being and financial security can bring you security and comfort. Clifford Swayze thoroughly analyzes his client’s estates and strategizes the best manner of transferring his client’s assets, minimizing taxes, establishing guardianship for your children, supporting personal philanthropic causes and protecting your loved ones.
Generally, if you are 18 year’s old or older, you have a sound mind, you need to have an estate plan. It is a necessity to have an estate plan in place if any of the following apply to your situation:
- Do you have a child a child that is a minor?
- Do you have a child that is special needs or otherwise disabled?
- Do you have a spouse that is special needs or otherwise disabled?
- Do you have a high net worth or have a life insurance policy that is over a million dollars?
- Do you have a family that has step parents, step children, and/or half siblings?
Typically, estate planning involves:
- preparation of a will,
- choosing an executor,
- a declaration of a guardian,
- physicians directive,
- medical power of attorney, and an appointed agent to make decisions regarding the disposition of remains.
A will is critical at every stage of a person’s life. A living will sets the limits for medical intervention if a person becomes incapacitated. It is comforting to have the knowledge that when a person is most vulnerable, their wishes will be respected. A person’s last will provides the occasion to distribute their property, establish care for their children and otherwise express their wishes upon death. A will is required if a person intends to bequeath property to a person, origination, entity other than a blood relative. If a person dies without a will, a court determines how their property is distributed, who cares for the children. The court will make decisions that might not reflect the desires of the decedent.
The Law Office of Clifford Swayze can draft valid wills that ensure your wishes are respected. Call 512-335-5245.