How An Estate Planning Lawyer Can Help You
A common misconception about bequeathing one’s estate to beneficiaries is that writing down one’s last wishes is sufficient. However, many people don’t realize they must take specific legal steps to transfer their assets after death. Moreover, there’s a process that you must follow to prevent individuals from contesting your Will or other arrangements after your passing. Hiring a trusted Will and Trust attorney in your area can protect you and your estate from legal snags and challenges.
Estate Planning Is Not Just For The Rich
People mistakenly believe that estate planning is only for the wealthy. However, suppose you own life insurance, a retirement or pension fund, a business, property, bank accounts, personal belongings, or real estate. In that case, you need the help of an experienced lawyer and one or more estate planning tools to protect what you’ve worked hard to build.
Estate planning includes several asset protection plans to ensure that all of a person’s assets are transferred to those designated to receive them. Everybody can benefit from having a local estate planning legal professional make a written plan to transfer assets. Your lawyer will know what paperwork and legal mechanisms you need to make the legal process less complex and anticipate any legal complications.
What to Expect with a Will
A Will is a legal document expressing the maker’s wishes about who inherits their assets. A Will is subject to a court procedure known as probate, which allows a judge to interpret a person’s wishes. The probate process provides a timeframe for individuals to contest the Will or creditors to collect payments against the estate. Even an unchallenged Will’s approval can take a probate judge a long time to resolve.
Another important consideration is the potentially high cost involved in the probate process. Dealing with such challenges can be easier if you work with an estate planning lawyer in your area.
Trusts and Estate Planning
Another frequently utilized estate planning instrument is a Trust. There are several types of Trusts, and an experienced estate lawyer can create one that is appropriate for your estate and meets your needs. A Trust has several advantages, one being that your estate won’t have to go through probate court. Also, a trustee you name in the Trust can distribute the assets immediately.
Durable Power of Attorney
An estate planning lawyer can prepare a durable power of attorney (POA) and healthcare directives. These provide for someone to manage your affairs, including medical care, should you become mentally incapacitated or unable to make your own financial decisions. These POAs can stipulate the type and scope of authority given to the appointed person acting on your behalf.
By designating a POA, you can prevent problematic issues associated with conservatorship or guardianship when you need someone else to manage your affairs. Selecting a person ahead of time is better than a court appointing someone who might not be your ideal choice.
Experienced Estate Planning Guidance
Understanding how estate planning can benefit you and protect your heirs is possible when you talk with a legal professional experienced in this legal area. For a lawyer with experience in estate planning and asset protection law, turn to Donnellon, Donnellon & Miller. Contact us today with your questions or to schedule your initial consultation.