7 Things You Should Know About Estate Planning lawyer
Estate planning lawyers are specialized lawyers who help individuals and families plan for the distribution of their assets after death. Estate planning can be a complex and overwhelming process, but working with an experienced lawyer can make it much easier. Here are 10 things you should know about estate planning lawyers:
- Determine what assets you have:
One of the first things an estate planning lawyer will do is help you inventory your assets. This will include everything from your home and another real estate to your savings and investment accounts, life insurance policies, and more. Knowing what assets, you have is an important first step in planning for their distribution after your death.
- Determine who you want to inherit your assets:
After you have determined what assets you have, you will need to decide who you want to inherit them. This can be a difficult decision, but your estate planning lawyer can help you weigh your options and make the best decision for your unique situation.
- Create a will:
A will is a legal document that details how you want your assets to be distributed after your death. Creating a will is one of the most important aspects of estate planning, and your lawyer can help you ensure that it is properly created and executed.
- Create trust:
A trust is a legal entity that can hold assets on behalf of another person or entity. Trusts can be used for a variety of purposes, such as avoiding probate or providing for a minor child. Your estate planning lawyer can help you determine if a trust is right for your situation.
- Plan for incapacity:
Incapacity planning is an important but often overlooked aspect of estate planning. It involves planning for the possibility that you may become unable to make decisions about your assets due to an illness or injury. Your lawyer can help you put a plan in place to ensure that your assets are managed the way you want even if you become incapacitated.
- You plan for long-term care:
If you are elderly or have a disability, you may need to plan for the possibility of needing long-term care. This can be a complex process, but your estate planning lawyer can help you understand your options and make the best decisions for your situation.
- Minimize taxes:
Estate taxes can take a big bite out of your assets, but there are ways to minimize them. Your estate planning lawyer can help you take advantage of tax-saving strategies, such as using trusts or gifting assets.