Over a lifetime, many people end up with assets that they want to pass down to their loved ones. They’ve worked hard for what they have, and they may want their loved ones to be able to enjoy their home or other assets after they are gone. To do this, it is important for them to work on estate planning with a lawyer. This allows them to ensure everything is set up properly and can avoid going through the courts to be decided after they’re gone.
Name Who Receives Assets
One of the main reasons for hiring an estate planning attorney is to make sure assets go to the correct person after the owner dies. A person may have a number of assets they want to divide between loved ones, they may want everything to go to a single person, or they may want everything to go to a charity. They can talk to an attorney about the assets they have, how to pass them on to the next generation, and what they need to do to make sure everything goes as smoothly as possible.
Make Sure Care is Provided for Dependants
Parents of minor children will want to create a document that states who they want to take care of their children in the event both of them die. This allows them to choose the guardian for their child until the child turns 18. Along with this, those who have minor or adult children with special needs may want to look into creating a guardianship and stating who will take over that guardianship if they die. This ensures their loved one will continue to get the care they need.
Prepare for Unexpected Emergencies
There could be unexpected emergencies that cause a person to become incapacitated and unable to make decisions on their own. While working on estate planning, it is possible for the person to state what they would like to happen if something like this occurs and they can’t state what they want. This can include a health directive in case they are unable to make medical decisions, information about what they’d like to happen if they can no longer live alone, and more.
Reduce Tax Liabilities
Taxes are a common concern when someone passes, as the estate may end up owing taxes before properties or other assets can be passed to the heir. By talking to a lawyer, the person can find out how they can reduce the tax liabilities as much as possible and ensure the heir or heirs receive as much as possible from the estate. The lawyer can also help with determining how to minimize anything that might be owed after death to prevent it from having to be paid from the estate.
Prevent Potential Disputes
There is always the potential for a dispute after someone’s death, as one person may feel they were forgotten or did not get as much as others. Estate planning with a lawyer helps to prevent these disputes by ensuring there is no one left out inadvertently and that everything is set up to avoid being decided through probate.
Conclusion
If you’d like to make sure your assets are protected and go to the person you choose, it’s important to start working on estate planning today. Schedule a consultation with a lawyer to learn more about what they can do to help and to find out how you can make decisions now to protect your family’s legacy.
