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Estate Planning
No matter the size of your estate, estate planning allows you, while you are still living, to ensure that your property will go to the people you want, in the way you want, and when you want. It permits you to save as much as possible in taxes, court costs, and attorney fees, in addition to giving you comfort that your loved ones can mourn your loss without being burdened with unnecessary paperwork and financial confusion.
All estate plans should include at least a will, a financial durable power of attorney, and healthcare directives. In addition, trusts can be utilized to minimize taxes and administration costs, as well as manage estates both during life and after death. At MacLaren Law LLC, will assist you in determining which types of documents are right for you.
Estate Planning for your Pets
A pet trust is an agreement that specifies how an owner wants a pet to be cared for, including details on who will be responsible for the animal and how the care will be paid for. The most important aspect of a pet trust is to ensure the pet and funds can be turned over quickly to the caregiver. A pet trust will ensure that your pets do not end up in a shelter and will receive the same standard of care after you are gone.
Estate Administration
Estate administration refers to the process of managing and distributing a deceased person's estate under the supervision of a court. This process involves collecting the deceased's assets, paying any debts and taxes owed, and distributing the remaining assets to the rightful heirs or beneficiaries as dictated by the deceased's will or, in the absence of a will, by state intestacy laws. The estate administration process ensures that all financial obligations are met before the assets are distributed according to the deceased's wishes or the law.
Probate
The probate process can vary significantly in length and complexity, depending on the size of the estate, the clarity of the will (if one exists), and the laws of the state where the probate takes place. While probate provides a supervised method of estate administration, it can be time-consuming and costly, prompting some individuals to plan their estates in ways that minimize or bypass probate.
