4 Things about Estate Planning that Everyone Should Know
While no one wants to think of their death or of being incapacitated at any point, the reality is that these are things a person should be prepared for. The way to do this is through estate planning. A lot of the planning can be done by the person, but they will want to hire an estate planning attorney to help them be sure everything is legally sound.
Know Who to Hire for Help
A person can’t just hire any attorney to help. Although all attorneys have passed the bar and legally can help with wills, not every attorney has experience in this area. A person will want to look for a trust and estate attorney who has years of experience working on a variety of estates and trusts.
Know What to Put in a Will
A person will need to consider everything they’ll want to be included in the will. It’s important to remember this can be updated when necessary. A person should plan for their assets, determine what should be done if they can no longer care for their minor children, where they want their money to be spent after all expenses are covered, and whether they want to give anything to a charity.
Living Wills Can be Extremely Beneficial
Many people will also want to consider creating a living will. This dictates what should happen if they are incapacitated and can no longer care for themself or make decisions. This can cover everything from who will take over their finances and healthcare to whether or not they want to be resuscitated if the occasion arises.
Avoid Probate by Using an Estate Planning Attorney
It’s also important to think about avoiding probate at all costs. If the estate needs to go through probate, the cash and assets can be frozen for a significant amount of time to figure out where everything should go. With proper estate planning done with the help of a trust attorney, the person can be sure their money will be able to go to their children and spouse quickly instead of being tied up in probate.
For nearly everyone, family trust and estate planning is an essential part of preparing for their death. It’s important to consider the points above and speak with a lawyer to help finalize any documents and be sure everything is legally sound and correctly prepared to avoid any issues once the person has passed.