Estate Planning
Definition:
Estate planning is the process of making plans for how you would like to transfer your estate after you die. Your estate is made up of all the property you own. This includes houses, cars, cash, clothes, jewelry, land, investment and savings accounts, retirement benefits, etc. Estate planning makes sure your estate is transferred to your beneficiaries, that you pay the least amount for your estate, and that you can assign guardians for minor children, if applicable.Consequences of Estate Planning:
If you do not use advantage of estate planning, such as by making a will or establishing a trust, your state will have a legal process in place for determining who will inherit your assets. Without estate planning, you can die "intestate", which means dying without a valid will. The intestacy laws of the state will then determine who inherits the assets. Each state has different laws, but generally, first your spouse and your children will inherit your property, and if you don't have a spouse or children, your parents are next in line. If your parents have predeceased you, your siblings will inherit your property. If not, next in line would be nieces and nephews.What a Lawyer can do for you:
While it is possible for you to do your own estate planning, it is important to keep in mind that wills and trusts are legal documents that should be prepared with the help of an estate planning lawyer. An estate planning lawyer can help you draft a will, update a will or contest a will. An estate planning lawyer can also give you expert advice and make sure your wishes are met.Lawyer Referral Service:
If you need to create your estate planning, speak to an estate planning lawyer in your area today. Attorney Search Network can connect you with an estate planning lawyer that can help you achieve your goals.
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