A scary thought yet reality, death is something we all will have to face at some point. Therefore, making plans for it is something everyone needs to think about. The smart move in making these plans is to hire a professional estate planning lawyer and receive an overview of estate planning to be prepared for what you will need, what is expected and how to proceed.
There are different aspects involved with this type of planning. It is a myth that this type of preparation is only for the rich, it is for everyone. You may not think you need to make these preparations but if you have any personal property, real estate or any assets or interest then you should be making arrangements for the distribution or they could all or in part become the property of the government. Making your wishes known ahead of time will save a lot of work for your family and could avoid having to go through probate.
There are different types of provisions that can be made, which is where hiring a professional estate planning attorney can help in the preparations and understanding associated with these arrangements. Many people have a standard will better known as a last will and testament but what they do not realize is that this legal document only outlines your last wishes and who distributions are made to. Last will and testaments are subject to probate and can extend the time in which distributions and inheritances are made.
There is a better means of providing these arrangements which is called a living will or living trust. Both wills are legal documents however the difference between them lies in the way ownership of property and assets are handled. A living will holds the title and ownership of all your property and assets; however, you hold complete control as the trustee of the trust. If the trust is a joint or combined trust with your spouse you both hold control until you die then an appointed successor trustee controls the trust. The best part is the provisions set by you cannot be changed upon your death, they must be followed by the successor and the handling of assets must benefit all beneficiaries.
The biggest differences between living wills and trusts and last will and testaments are the living will and trust do not have to go through probate and they are very rarely contested. In the event of someone contesting a last will and testament all the assets will be frozen until such time the issues are resolved. This could take months or even years leaving your loved ones without their inheritance and with a whole lot of headaches. What is the difference in contesting a living will you wonder? Well the assets are not frozen and can be distributed as you intended. The next big thing is when contesting a living will or trust, the individual cannot just make the claim against the document itself, they must file a claim against each person in the will receiving anything.
These arrangements include more than just the implementation of a will or trust. Other items associated with these particular arrangements include advanced directives for healthcare and possible advanced gifting to avoid increased taxation.
There is a lot of detail required for making these types of arrangement but in the long run it makes things a lot easier on your family when you pass away. Making these prior arrangements will save your family a lot of time and the hassles of going through probate. It also allows for you to express how you want your property and assets to be handled.
The more information and knowledge you gather in regards to estate planning the easier it will be to make it a reality. The best advice is to get the assistance of a training professional estate planning lawyer. These specialized attorneys can guide and direct you and aide in maximizing the benefits your loved ones will retain. Death is not a very pleasant subject but it is something we all will face and being prepared can make things a lot smoother and easier on your loved ones.
Get tenant legal advice from the experts on the website, where you can find a lawyer and also you will find free estate planning law legal information.
Source: http://www.betterarticlesdirectory.com/reference-education/legal/the-synopsis-of-estate-planning/
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