Your life may be doing fine at the moment. But things won’t remain the same forever. You may never know when death strikes you or you get incapacitated due to an accident. If such an unfortunate thing happens to you, the financial future and stability of your family are going to be jeopardized. Feuds may crop up among your family members. So what you need to do actually to avoid this?
You need to get in touch with a good estate planning attorney to do estate planning in advance. This requires you to transfer the ownership of any real estate property you are owning to rightful heirs who are the members of your family. For this, you would require to form a will or trust. But this is easier said than done. The language you have to use in the will or trust should be precise and in accordance with the laws of your state. The process of determining the rightful heirs of your property and passing on the ownership of your house, commercial office, trust, etc. to them has to follow the stipulated legal process called probate.
Passing the ownership of your real estate to the heirs appointed by you is an intricate process that may involve adding up costs, causing delays and the occurrence of hassles. Also, the laws may get amended during the probate process, leading to the complication of matters and denial of heirships to your family members.
Why undergo all these hassles when this responsibility can be satisfactorily and professionally performed by an experienced and qualified estate planning attorney who is well versed in the probate process and has good knowledge of the concerned state’s laws, taxation, wills, trusts, real estate, investment, insurance and other related matters?
The attorney will assist you in developing an estate plan which would entail the creation of documents for a will, trust, long-lasting power of attorney, medical directives among others. If you already have an estate plan in place, he will perform the task of making changes to the previously formed estate planning documents or revising them.
Here are some of the tasks performed by the estate planning attorney hired by you.
- He will hold meetings with you as well as with your insurance agent, investment advisor, account and other related professionals when required.
- The attorney will perform analysis and examination of your property records and titling of all your assets that need to be included in the estate plan.
- He will share with you any issues or dangers associated with your wishes and desires for your estate plan and distribution of your estate. Also, he will give you advice on various alternatives that can be employed to achieve the same objective.
- The attorney will advise you on choosing agents under long-lasting powers of attorney and healthcare directives, executors, trustees, your guardians and estate for minor children.
- He will discuss issues and provide advice to you on your end-of-life choices, medical and financial directive choices, disposition of remains, donation of organs among others.
- He will also give you advice on your pre and post-nuptial agreements or marital property agreements or any marital settlement agreements resulting from a divorce.
Ultimately, the choice is yours whether to undertake hassles while performing the probate process yourself or let the estate planning attorney do this job for you in a professional, precise and legitimate way which gives you peace of mind and secures the real estate and financial interests of your family members and saves them from feuds in the future. Going with the latter option may cost you some more money, but eventually, it is in the best interest of yourself as well as of your family.
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