There comes a time when it is necessary to get affairs in order. Whether you are in your twenties or fifties, it is never too early or too late to begin your estate planning process. This blog will explore how to protect your loved ones by determining beneficiaries and creating a list of assets to divide amongst them after death.
Why Is Estate Planning Important?
Whether you are struck by age or circumstance, estate planning is necessary to ensure your assets are appropriately managed after you pass away. Without an estate plan, you leave it up to the laws of your state to determine who gets what assets and who will be your child’s guardian. Even with the state making the decision, this can leave your assets in legal limbo for years which could place a major burden on your loved ones.
While it is completely up to you how you’d like to divide your assets, it is important to assign your assets to your beneficiaries. If you lack an estate plan, anywhere from three to eight percent of your estate value can be lost to unnecessary legal fees.
Equal vs. Unequal Fractionation
The most common approach to dividing assets among beneficiaries is an equal division. Equal property division is generally seen as the fairest option. However, there can be situations where unequal distribution of assets could make more sense.
Unequal property division may be the best option for your estate plan if you have a child with special needs, one beneficiary is more involved in a family business than others, or you've already gifted assets to one of your children. Asset division can be complex, so it's vital to speak with an experienced estate planning attorney before making a decision.
Seek Legal Guidance
The most important step when creating your estate plan would be contacting an attorney to discuss critical matters such as the age of inheritance and choosing an executor. How you decide to divide your assets can have long-term implications. It is necessary to correctly and thoughtfully finalize your estate plan with legal assistance. This will ensure that your family will be on the same page when the time comes to divide their inheritance.
Family & Tribal Law Attorneys in Fargo, ND
Circling Eagle Law was built valuing integrity, hard work, and innovation. We set ourselves apart from large firms by offering a truly personalized approach and creating strong bonds with clients, giving them confidence in a positive resolution of their case. At Circling Eagle Law, we pride ourselves on being available at the clients' convenience.
If you are ready to start the estate planning process, contact our team at Circling Eagle Law today to learn how we can help you! (701) 401-7404