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With an estate plan, you determine what will happen to your house, investment accounts, and other assets when you pass away. Many people think it’s something only the wealthy have to do, but it can actually benefit everyone. Here, Cronin Skilton & Skilton, P.L.L.C, experienced attorneys in Nashua, IA, explain why you need an estate plan and how to get started.

Benefits of Estate Planning

No matter where you are in your life right now, creating a solid estate plan has several advantages, including:

  • Provide for Your Immediate Family: If you die without a proper estate plan, your immediate family might not have enough money to pay the mortgage and other necessary expenses. Creating a plan ahead of time will ensure your loved ones will be taken care of financially.
  • attorneyRelieve Burden on Family MembersPlanning a funeral isn’t easy for family members who are grieving. In your plan, you can state your wishes for the funeral and provide money for it, thus taking this responsibility off your loved ones’ shoulders.
  • Make Certain Your Assets Go to the Right Beneficiaries: Without an estate plan, the courts will decide who your assets go to. Especially if you have particular people you want to be your beneficiaries, it’s crucial to make an estate plan and legally designate them. 
  • Appoint a Guardian for Your Children: If you have minor children, you will ensure they are taken care of by someone responsible if you pass away suddenly. In your plan, you can appoint the guardian you want to care for your kids.

Getting Started With Estate Planning

It’s never too early to start planning your estate. However, there’s more to it than drafting a will or a trust. A solid plan should also include beneficiary designations, a letter of intent, durable power of attorney, guardianship designations, and health care power of attorney. Having these documents in place will ensure your family is taken care of and have access to your assets if you become incapacitated. A skilled attorney will help you prepare all of these and draft a plan that benefits you and your loved ones.

If you are looking for an estate planning attorney in Charles City or Nashua, IA, trust the legal professionals at Cronin Skilton & Skilton, P.L.L.C. They have helped individuals just like yourself handle every aspect of their estate since 1934 and will take the time to listen to your unique needs. To schedule a consultation with an attorney, call (641) 435-2462, or visit their website for more information. 

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