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Estate Planning

The Importance of Estate Planning

At Compass Law Center, we like to take the most straight forward approach to avoid the horror stories of families that are torn apart by disagreements over who gets what and why. It can get ugly very quickly and so we like to avoid the suprises that will most likely arise as a result of poor or no estate planning.

This can start with choosing the right executor as most parents choose the oldest child as the executor even though that person may not be the best suited person for the job.

Trusts

Typically, we recommend creating a living trust; some call it a revocable trust or a family trust. By creating a trust and placing one's belongings (property) into the trust it can help in avoiding probate and probate fees. In the simplest terms, your surviving family members can transfer the property in the trust smoothly, without probate.

Wills

To further protect your property and loves ones, we also recommend drafting a will. The will states who will inherit your property and coincides with the living trust. It will also name a guardian to care for minor children or pets should a death occur or one becomes incapacitated. This document alongside a power of attorney provides added protection and designation of who will care for what and how things should be handled.

If you would like to make the process of having your assets distributed according to your wishes as smooth as possible for your heirs, then hire Compass Law Center to create the proper documents for you.