Don’t Leave Your Assets Unprotected | The Importance of Estate Planning

Estate planning can be a difficult and tedious process. There are so many things to think about and you may not even know where to start. This is why it is important to contact Delaware estate planning lawyers, who have the experience to help you know how to get started.

What is Estate Planning
Estate planning is the process of expressing your final wishes concerning distribution of your accumulated wealth and assets upon your death. One of the most common ways this is seen is through a will. A will states what you want to be done with the material goods you leave behind. Most people will leave what they have left to close friends, family members, or charities of some kind. However, there are also other types of estate planning, such as living trusts.

What Happens When Someone Doesn’t Have a Will?
Without a will, a decedent’s final wishes aren’t formally expressed. This is known as dying intestate, and will lead to those assets being distributed according to a scheme devised by governing law, which scheme may or may not match what the decedent would have preferred. The heirs will have no say in who gets what. This process can be complex, lasting from mere weeks to years, depending on the complexity of the estate being inherited. Furthermore, the cost of legal fees comes out of the estate.

The skilled Delaware estate planning attorneys at Woloshin, Lynch & Associates will be able to help you protect your property and assets, in some cases avoiding probate.

Why Does Estate Planning Matter?
Estate planning is something that could generally be easy to ignore. However, it is important to plan for the future, and make the necessary preparations, so that you can be sure that your assets will be correctly transferred to your loved ones.

If you are estate planning in Delaware, you will require a skilled lawyer to help you prepare everything. Contact our office today to find out more about how we can help you with your estate planning.