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.
Do not think these plans are only for the wealthy because everyone should make arrangements for the distribution of their property and assets. Planning ahead can save loved ones the headache of going through probate. Probate can take an extended amount of time depending on how many assets you have; it can also cost up to ten percent of your gross estate, decreasing your loved ones inheritance.
There are many misconceptions in regards to this type of arrangements, which is where the services of a professional attorney specializing in this field would come in. Many people believe having a will or more commonly referred to as a last will and testament is all that is needed; however a will is just a legal document expressing your wishes for the distribution of assets after your death and naming a person to be the executor. A will is subject to probate, unlike a living will or more commonly referred to as a living trust.
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.
Some other important differences between a living will and a last will and testament is taxation and contesting. Someone can contest a last will and testament causing all assets to be frozen until the courts makes a determination. A living will or trust is harder to contest and does not cause assets to be frozen. When contesting a living will the individual must file a claim against all beneficiaries not just the will.
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 involved in planning and making arrangements for your death but making these provisions ahead of time will make it a lot easier on loved ones and can save a lot of time and heartache. The more knowledgeable you are regarding the facts the easier it will be to make your decisions.
The overview of estate planning can be overwhelming but it is important to understand the necessity of making arrangements and consulting professional estate planning lawyers. You may not enjoy or look forward to the task at hand however you will be saving your loved ones a lot of headache and loss of inheritance due to probate.
Get tenant legal advice from the experts on the website, where the place you can find a lawyer and also you will get free estate planning law legal information.
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