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Estate Planning Lawyers in Delaware
Protecting Your Legacy With a Comprehensive Estate Plan
Whether you’re interested in protecting your assets for the next generation with specific revocable trusts or you’re not even sure what a will should include in Delaware, estate planning is important for everyone. Estate plans can and should be tailored to your specific goals and needs to ensure you can leave a lasting legacy behind for your loved ones.
It’s never too early to start planning for what you want to happen after you’ve passed. When you work with Schwartz and Schwartz, Attorneys at Law, P.A., you can get access to an estate planning attorney who can help you protect your assets and assist with other areas of elder law.
We handle a wide range of estate planning matters, including:
Call 855-847-8437 today to set up a confidential case review with one of our experienced Delaware estate planning lawyers.
What Are the Benefits of Estate Planning?
The benefits of estate planning are many and vary depending on your specific estate and what you want to do with it. The best way to find out what a comprehensive estate plan can do for you is to talk with an attorney. However, almost all estate plans offer the three benefits below.
Maintain Control Over How Your Assets Are Distributed
One of the biggest benefits of creating an estate plan is that you get to make decisions about what happens to your assets and property after you’re gone. An estate plan can be as simple or as detailed as you like, and an attorney can ensure that everything is personalized based on what you need. For example, someone who has a high-value estate may want to consider charitable lead trusts or other more complex estate planning tools. Those with simpler estates who just want to ensure that their assets pass to their spouse or children may want to consider joint ownership situations or transfer-on-death accounts.
An estate plan also lets you name the people you believe are in the best position to make decisions about your estate. For example, there may come a time when you are unable to make decisions about your healthcare needs. Having a healthcare power of attorney already in place means you get to choose who makes those decisions for you. You can also name an executor for the estate in your will, and this person will be responsible for settling the estate and distributing the inheritances.
Understand and Prepare for Your Tax Responsibilities
Taxes are rarely a simple matter, and the same can be said for the tax implications that come with estate planning. While the state of Delaware doesn’t have a state-level estate tax, there are other tax considerations to be aware of. If you are planning on transferring ownership of your assets to another person before your death or are considering selling a home or other property, there could be significant tax responsibilities. Those with larger estates may also need to consider federal estate taxes in their overall estate and tax planning decisions. One of the benefits of working with an attorney is that they have the knowledge and experience to help you make decisions that minimize taxes and ensure you understand what your tax responsibilities could look like in the future.
Enjoy Peace of Mind
Once you have an estate plan in place, you get the joy of living out the rest of your years with the peace of mind that your family members won’t have to make hard decisions or deal with complex estate matters when they are grieving. An estate plan can also give you the joy of leaving behind a legacy for future generations to enjoy, whether that’s in the form of liquid assets to help with college or the passing down of physical family heirlooms.
What Estate Planning Documents Do You Need?
What estate planning documents are necessary depends on your needs and the types of assets and debts you have. However, all estate plans should include the following:
- Last will and testament: The will names the executor and outlines your overall wishes for how your asset should be distributed.
- Powers of attorney: This includes a healthcare, financial, and durable power of attorney. In some cases, you may want the same person, such as a family member, to serve in all of these roles, but it’s a good idea to name a backup in case that person is unable or unwilling to execute their duties.
- Advance healthcare directive: This document outlines what your preference is in regard to medical decisions if you are incapacitated and unable to make those decisions yourself. Examples include whether you want to be kept on life support, what medications you prefer, and whether you want to be an organ donor.
An estate planning attorney can help you create all of these documents and prepare anything else you need to ensure everything is taken care of.
What Happens If Someone Dies Without an Estate Plan in Delaware?
Without a will, your estate is subject to the intestate succession laws. In Delaware, this means that it gets divided between your spouse, children, parents, or next of kin, depending on which surviving relatives you have. If you have a spouse but no children, the spouse will inherit everything. If you leave behind a spouse and children, the spouse gets the first $50,000 of the estate and then splits what is left with the children. The intestate succession laws can get complex, which is why it’s important to make your own determinations through a will.
Call Our Elder Law and Estates Attorneys Today
If you’re ready to ensure that you have an estate plan that is representative of your wishes, contact Schwartz and Schwartz, Attorneys at Law, P.A. You can set up an initial consultation at one of our Delaware offices to discuss your asset protection needs and the other elder law services we offer.
