Your estate is made up of everything you own including your real estate, personal property, checking and saving accounts, vehicles, life insurance, retirement accounts, brokerage accounts and other assets. An estate plan designates what will happen to your assets after you have passed away or become incapacitated. An estate plan allows you to control how your estate will be distributed. The Harrison Law Firm will assist you in creating an estate plan that reflects your circumstances and carries out your wishes.
Wills and trusts specify how your assets will be distributed when you pass away. A last will and testament is a legal document detailing who is authorized to administer the estate, as well as how assets are to be distributed. Having a will can remove many complications and simplify the process for the beneficiaries.
When a person passes away without a will or trust, probate becomes much more difficult. In addition it is costly and time-consuming. If you have specific ideas regarding how your assets should be distributed, such as giving a specific gift to a child or charity, it should be specified in advance in a will or trust.