Estate Planning: Preparing Your Estate Is Not Just for the Elderly

When people think about planning an estate and establishing a will that states who will inherit their assets, they generally think of older people who are at the end stage of their life. While it is important for an elderly person to prepare their estate, anyone that has acquired property should consult with an estate planning lawyer in Davenport, IA. Fatal accidents do occur and they can happen to anyone no matter how young or old they are. By consulting with an attorney and preparing your estate can ensure the property acquired during your lifetime will be distributed to the beneficiary you want to receive the assets.

Assets that Require Estate Planning

  • Any personal property that you own, whether the item is valuable or not. If there is a certain family member or friend you want to receive the property, it is ideal to plan an estate.
  • Automobiles, homes, businesses, or any land you own can be divided among loved ones. You can specify who should inherit the property and if divided how much each beneficiary will inherit.
  • 401K or other retirement funds that you want to be distributed to a loved one after you pass.
  • An estate planning lawyer in Davenport, IA can establish a trust for minor children and specify who will gain custody of them and oversee their trust.
  • Business owners with partners should establish a will to determine what should happen to their portion of the company if they pass away.

Minimize the Risk of a Lengthy Legal Case

If a person does not legally document how they want their property distributed after their death, it can leave the family at risk for an extensive legal battle in court. The skilled staff at David J. Franks Attorney at Law has over 24 years of experience in helping their clients prepare their estate. With their legal services, they can reduce the chance of any disagreements between family member over who should obtain your estate.

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