Help with Wills and Estate Planning
An estate planning lawyer can assist you in defining your estate planning objectives and guide you through the process of creating the legal documents that will help you meet these objectives. Wills and trusts are two tools that are commonly used in an estate plan. A will, sometimes called a last will and testament, is a formal legal document in which people specify and regulate the rights of others over their estate after their death. Wills are used to dictate how an individual's estate will be distributed and how their assets will be handled. A wills lawyer should be knowledgeable in the area of estate planning. He or she should also be familiar with the state laws that apply to wills.
There are many benefits to utilizing the services of an estate planning lawyer and creating a will. If a person passes away and no will has been established, it can be a significant cause for stress during a time when family members are already dealing with grief. Creating a valid will with the help of an estate planning or will attorney can help to eliminate this stress and give you peace of mind that your property will be handled according to your wishes. A wills and trusts attorney can also help family members who want to contest a will in order to ensure proper division of assets.
Understanding Trusts and Asset Protection
Trusts are another important facet of estate planning. In estate planning law, a trust is an arrangement which enables a person, persons, or organization (the trustees) to own and manage money, property, or other assets for the benefit of another person or group. An effective and beneficial trust requires the skill and knowledge of an experienced trust or estate planning attorney. While the paperwork can be complex and confusing, the actual function of a trust is fairly straightforward. The trust creator (also called the grantor or settler) transfers his or her assets, money, or property, along with all of its benefits and obligations, to the trustees of his or her choice. The trustees then hold the assets for the benefit of those specified by the trust creator. These beneficial owners of the trust are called the beneficiaries. The trust terms dictate information such as how long the trust should last and what rules the trustees must follow.
There are many reasons to create a trust, including privacy, wills, tax planning, and asset protection. If you need to create a trust for these or any other reasons, an estate planning or trust lawyer can craft a trust that accurately reflects your wishes and the needs of your beneficiaries. Review the articles below for more information about estate planning or complete the Free Case Evaluation form to get connected to an experienced Estate Planning Attorney.