Introduction
In the world of estate planning, a
lawyer is a
go-to person for all things that relate to decisions about money
and property. Estate planning can be complicated, but it doesn't have to be. If
you've been thinking about making some big financial decisions in your life,
this may be the time for you to make them.
However, if you're not sure where to
start or how much it will cost, let me give you some tips on what an estate
planning lawyer is (and what they do) so that you can start thinking about how
to move forward step-by-step into this new world.
You may have heard of the term
"estate planning" and thought it was just a formality. You might have
even wondered, "Is that all there is to it?" If you've never been involved
in determining how your assets will be distributed after death, then allow me
to explain.
What
is Estate Planning?
Estate planning is the process of
planning for one's death and then making sure that everything is in place so
that it can go smoothly. Estate planning may include drafting a will, setting
up trusts, and other legal documents.
Estate planning can be done in several ways:
• Your will - This is the document
that tells your family what should happen to your property after you're gone.
• A living trust - A living trust
allows you to avoid probate court, which is required in some states if there
are no heirs or beneficiaries named in your will. A living trust allows you to
make decisions about how to distribute your assets while still alive, even if
they were never mentioned in your will.
• A revocable living trust - This
type of trust allows beneficiaries to change their terms at any time. It's
commonly used by married couples who want their assets divided evenly between
them upon death (or divorce). This type of trust is also known as a
"grantor retained annuity trust," or GRAT, because it provides an
ongoing stream of income for the creator while allowing him or her flexibility
in distributing assets when he or she dies.
Why
You Need an Estate Planning Lawyer.
When it comes to estate planning,
there are a variety of things that you might want to do. You need to make sure
that your assets are protected and that your wishes are carried out after you
die. If you don't have an estate planning lawyer, then it can be difficult to
know where to start or how to get the best results for yourself and your loved
ones.
You may be wondering why you should
hire an estate planning lawyer when there are other ways of doing things, such
as using trusts or wills. The reason is simple: an estate planning lawyer will
be able to accurately advise and guide you through the process of creating a
plan for your assets.
The first thing that you need to do
is decide what type of plan you want for yourself and your family members.
There are many different options available so you must talk with
an experienced lawyer who can offer advice on what is best for you personally
and also what would work best for those close by in terms of having access to
money or property after your death (such as children from previous marriages).
How
to Find an Estate Planning Lawyer.
With the death of a loved one, it
can be a daunting task to find a good estate planning lawyer. It is important
to select the right attorney when dealing with these issues.
Here are some tips on finding a
great estate planning lawyer:
1.
Research the attorney’s credentials and experience
2.
Ask for referrals from friends and family
3.
Call your local bar association for referrals (if you live in a large city)
4.
Ask your accountant or financial advisor for recommendations (if you have one)
5.
Ask your insurance agent for recommendations (if you have one)
The
Role of the Estate Planning Lawyer in Your Life.
The Role of the Estate Planning
Lawyer in Your Life.
An estate planning lawyer can help
you with several legal matters that may arise in your lifetime. The role of
an estate planning lawyer is to help you create a legally valid will, powers of
attorney, and other legal documents that will give you the poweabilitycontrol your
assets, make decisions on your behalf and make sure that your wishes are
carried out after your death. No one wants to think about dying or what happens
next, but it is important to ensure that all necessary plans are made in advance
so that there aren't any hiccups or problems during that period.
An estate planning lawyer can help
you determine whether or not it's time to make critical decisions regarding
your financial future and whether or not it's time for you to update any
outdated documents such as a will or trust. An estate planning lawyer can also
help you decide on how much money should be saved for each child so that there
are no conflicts between siblings over who gets the inheritance after their
parent dies.
Your
employer offers a retirement savings plan.
In the past, most people relied on
their employer to fund their retirement. But now, more and more people are
investing outside of work. This is a good thing — it means more money in your
pocket and less stress on your employer.
But what happens if you leave your
job? If your company offers a retirement savings plan, then you're likely
covered by its terms and conditions. These usually include a minimum investment
amount that must be maintained each year, plus a maximum withdrawal amount that
you can take out after you retire (but not before).
It's important to check these rules
with your employer before leaving so that you understand exactly how much money
you can keep if certain events occur during your employment.
You
have recently purchased a home.
You have recently purchased a home.
You want to make sure that your
family is taken care of in the event of your death, and you want to make sure
that your property will be distributed in a way that benefits everyone.
If you are planning for retirement,
you may also want to set up an estate plan so that your family knows what will
happen after you die.
You have recently purchased a home.
- You are married and want to start a family or want to
make sure your spouse has access to your assets if you die.
- You have children who need education and financial
planning.
- You are in a career that requires travel or relocation,
but don't know how long you will be gone.
- Your parents need help with their estate plan.
You
own real estate in different states.
If you own real estate in different
states, then it is important to have an estate planning lawyer. This is because
you need to determine the best way to handle your property when you die. If you
are not careful, then it can lead to complications and problems for your family
and loved ones.
You own real estate in different
states.
- You have a will and trust, but you don't know what to
do with your assets after your death.
- Your parents are getting older, and you want to make
sure their wishes are taken care of.
- You have many different assets that need proper
management, but don't know how to go about it.
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