Estate Plan: Do you need one?

Estate planning is an important and neglected part of financial planning. Most people do not want to answer difficult questions, such as: "What will happen to my assets after I die?" or " Who will take care of my loved ones after I die?"”

There are many benefits to creating and planning an estate, and Mingwei Yan PLLC is here to help. One of the main reasons people choose estate planning is to circumvent probate.

Some of the disadvantages of probate include:

• Loss of privacy: Anyone can access information from the probate court. For example, relatives and creditors could get your probate records to challenge your will.

• Expense: Probate fees can be quite substantial, even for the most basic case not involving any conflict. Attorney's fees and court costs may possibly take up to 5% of an estate's value.

• Delays: The average uncontested probate may possibly take longer than a year. With proper planning, these delays and costs, and the loss of privacy, can often be avoided.

Who needs an estate plan?

Most people need an estate plan. Children under the age of 18 are generally protected by their parents' estate plan. Therefore, when you have underage children, it is especially important to make an estate plan.You should ask yourself "if my spouse and I die, who will take care of my children?" or "How can I provide for my underage children?" Most adults over the age of 18 should have their own estate plan. Of course, estate plans differ depending on your goals, family situation and place of residence.

Mingwei Yan PLLC can provide you with a simple and complete estate planning, including a will, a trust and all the necessary authorization documents for a discounted flat fee.