Too often, people believe estate planning is only necessary for the very wealthy. This is a misnomer; everyone can benefit from having an estate plan in place. An accident can happen at any time and result in the loss of life. If you have assets you own as an individual, and not in joint tenancy with another person, the lack of a will could mean your loved ones will have to wait for the probate process before they have access to those assets. This type of delay can cause serious financial issues; you can help prevent these problems by having an estate plan in place.
Depending on your personal needs, a simple will may be all that is necessary. Generally, a will is sufficient for someone with modest assets. Your will can also contain information about who should care for your minor children, if applicable. As life events occur, including marriage, divorce, or the death of a spouse, your will may be updated to ensure its accuracy.
Some individuals may need more complex estate planning; for example, a business owner may need the added protection, and tax benefits of a trust rather than a will. Every estate plan we work on is customized to meet your needs and goals.
If you live in northeast Nebraska, contact the Norfolk, NE office of Carney Law for help setting up an estate plan. These plans are important for you, and they are important for your loved ones.