States for Estate Planning
Estate planning is a process that includes making an effective arrangement or considering alternatives that entails the will, power of attorney, trusts, powers of appointment, property ownership and gift of a person. This planning also allows you to minimize potential taxes. Also, it enables you to set up contingency planning to ensure that your will pertaining to medical treatment is followed. An effective estate plan helps you to decide what would happen with your property, business, home, employees and your dependents in case you become disabled or if you pass away.
When to Start Estate Planning?
Although you can start estate planning at any point in time, the best time to do it is when you are hale and hearty. You can also start planning when you have the legal capacity to get into a contract.
Why Hire an Estate Planning Lawyer?
Hiring a lawyer can prove to very helpful when you decide to start the process of estate planning. By getting advice from an attorney you will be able to create an effective estate plan. It will also help you to make sure that your will is put to effect after your demise. A lawyer will also help to minimize taxes and fees pertaining to real property. These law professionals will also allow you to come up with a contingency plan that is very important in case events such as family or legal disputes crop up after your death. A lawyer can also help you in other estate planning concerns such as trusts, gift tax, uniform probate code, joint tenancy and more. By consulting an estate planning lawyer you can get assistance to organize your personal or business records. These may include retirement plans, brokerage accounts, savings accounts and checking accounts. He/she can also help you with matters related to insurance and business interests that are an important concern in estate planning.
Types of Estate Plans
Estate plans can be of two types. These include:
· Will-based plans
· Trust-based plans
An effective estate plan includes both these. A will is a document in which you give instructions about how to distribute your assets when you pass away. This documented is created during a person’s lifetime and becomes effective when one dies. A trust is also similar to a will. In case of a trust, the assets are transferred to the trustees. The income of the assets of the trust is then given to the beneficiaries of the trust in line with the wish of the settler (creator of the trust).
How to Find a Suitable Lawyer for Estate Planning?
When looking for an estate planning lawyer, you should make sure that you hire a lawyer who is well-versed in this field. Also, it is vital to get services from a lawyer who is well experienced so that he/she can take care of all issues pertaining to your estate planning. See to his/her record so that you may have an idea if a lawyer can be suitable for your particular requirement.
Frequently Asked Questions
Firms for Estate Planning