There are many different estate planning tools that you can use to protect your assets both before and after you pass on. An estate planning attorney in Tama, IA, may be able to help you create estate plan documents or review those that you have already created. Let’s take a look at some commonly used estate planning tools and how they can help you.
You Should Definitely Have a Will or Trust
A will is a document that determines how your assets are to be transferred after you pass on. Wills can also stipulate that assets that aren’t currently held in a trust be transferred there on the day that you die. This ensures that the trust is properly funded and that assets are titled in its name. Unlike a will, a trust can become effective the moment it is executed. If you become incapacitated, the trustee can make decisions on your behalf per the terms of the document.
How Do These Estate Planning Tools Help You?
An estate planning attorney in Tama, IA, will likely tell you that having a will or trust can reduce the possibility of family infighting after you die. This is because there will be clear instructions as to who gets certain assets and why. If you have minor children, your estate plan may stipulate who is to get custody of those children.
If you have questions about your estate plan, talk to an attorney at Kollmorgen, Schlue & Zahradnik, P.C. today. You can also learn more by visiting kszlaw.net. You can also connect them on Facebook.
