While not every person needs to have estate planning, for those with a lot of assets or who want to create a will or trust, it’s important to understand the basic principles and decide how you want your property to be distributed in the event of your death.
What is Estate Planning?
There are many reasons why you might want to create an estate plan. Here are a few:
-You may want to make sure that your loved ones are taken care of if you die suddenly or without a will.
-You may want to protect your assets from creditors or children who may not agree with your wishes about how your assets should be used.
-You may want to make sure that your wishes about how your property should be distributed are carried out after you die.
-You may want to create a tax planning structure for your estate.
Choosing an Estate Planning Lawyer
Lawyers can also provide guidance on taxation issues, such as how to structure your income in order to minimize taxes. A will Can name select family members as beneficiaries of your property and money, while a trust can protect your assets from creditors and other risks.
If you have any questions about estate planning or any other legal issue that could affect your business, consult an experienced lawyer.
An estate planning lawyer will be able to provide you with sound advice and help you take steps to protect your assets and ensure that your loved ones will be able to carry out your wishes after you die.
Why you need it
Estate planning is the process of creating a will, trust, and other legal documents that direct how your estate will be distributed after you die.A will is a document that sets out who will inherit your property if you die without a valid will.