The process of planning an estate can be a daunting task. It involves many aspects, some legal and others personal, that need to be considered when deciding the future of your beneficiaries. There is also the emotional aspect that encompasses all the memories you have with those whom you value in your life. Working with an estate planning attorney can help you in these matters and ensure everything happens with the least amount of hassles. Here are three vital things these lawyers do.
Formulating Testaments
Testaments are vital documents that determine the distribution of an individual's estate after death. No matter how much you might love your spouse and kids, if you don't have a testament, their future may not be guaranteed.
An attorney will tell you what you need to do to prepare a testament that's effective and legally binding. They'll ensure the terms are appropriate for your situation and comply with all relevant laws. They can also draft for you trusts and other legal documents to make the transfer of property, such as stocks, and bonds to your beneficiaries smooth.
Minimizing Estate Taxes
When a person passes away, taxes may be imposed on a property, such as a home or other real estate. This is more likely to occur if the deceased left no will and the family members aren't willing to take over the responsibility of paying taxes and maintaining ownership of the property. It may also happen if the deceased had not previously registered their property ownership with the government for it to pass into their legal possession upon death. The tax will typically be based on market value or from an assessment by an appraiser from the local county's assessor office.
A lawyer can help you determine the tax implications of your situation and determine how to minimize the amount of taxes you'll owe when you die. They'll do this by setting up trusts to reduce the tax burden on your beneficiaries and reducing the value of your assets, so they're less likely to be taxed.
Managing Probate
Estate planning requires you to know your property and liabilities. The more assets you have, the more complex probate can be. Therefore, it's essential to consider how your property will be handled before you die. A lawyer can help you establish the best estate plan for your situation.
Estate planning attorneys play a very crucial role in the process of planning an estate. If you hire them, they'll ensure you have a proper plan for distributing your property in place.
For more information, contact an estate planning attorney near you.
Share10 January 2022
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