Estate planning involves the preparation of a series of tasks to help manage your assets in case of your death or if you are left incapacitated. Estate plans can be set up with help of a lawyer with experience in estate law. Planning may include writing a will, establishing a trust, designating executors, naming beneficiaries, and even taking care of funeral arrangements. These plans can also aid in managing your properties and financial obligations in case of incapacitation. Properly preparing for the inevitable can help ease the burdens of those left behind and will also make your final wishes clear.
Making A Will
A will is an important document that provides instructions on how your property, assets, and even custody of minor children, should be handled after you die. By creating this document, you can make your final wishes clear. A will also allows you to name an executor who will carry out your intentions. A will’s authenticity is determined through the probate process. This is the first step in ensuring beneficiaries receive their assets and in administering your estate. During this process, a probate lawyer will represent you while a court officially gives your chosen executor the legal right to act on your behalf.
Establishing A Trust
Establishing a trust allows you to transfer property to a trustee, who will manage these properties for the benefit of your chosen beneficiaries. There are many options when it comes to trusts. An attorney can help you create a living trust, testamentary trust, or revocable and irrevocable trusts. A trust can provide a few benefits that a will does not. These benefits allow you to avoid probate, delay or avoid certain taxes, or to help provide financial support to a disabled person while allowing them to maintain their benefits. They may also give you greater control over your assets that can’t be achieved with a regular will.
Executors And Beneficiaries
You may have properties and assets that you want transferred to your heirs after your death. This is done by an executor. An executor is the person you have designated to manage your estate after passing. By naming an executor you give that person the legal right to represent you and carry out your wishes. The people who will be inheriting your estate and property are your beneficiaries. Estate planning is an important step in protecting your survivors. Estate Attorneys can help you with every step of the estate planning process so your final intentions are completely clear and to ensure your beneficiaries are taken care of.
If you die or a death is expected, there are a variety of vital details that have to be taken care of quickly. These can encompass a series of steps like making calls to transport the deceased, procuring a funeral home, selecting funeral and memorial, products, and confirming cemetery arrangements. This is a very important responsibility that can be an incredibly stressful undertaking for grieving family members. An estate planning attorney can provide you with the necessary services to make sure your loved ones are taken care of after you are gone. These services can include helping you prepare your funeral arrangements so family members can be eased from that burden during difficult times.