When a person owns a significant amount of property, they need to make sure the risk of their property being distributed in the wrong way after they pass away is minimized and the best way to do this is to get proper estate planning carried out by a legal professional.
An estate planning attorney with the relevant experience can educate a person on all the state and federal laws regarding the distribution of one’s wealth after they pass away and can help them make the necessary arrangements to ensure all of their property is distributed the way they desire. An attorney can also help a person update and analyze any of their current documents to include any new family, financial, and tax changes.
The documents required to carry out proper estate planning include:
- A Last Will and Testament
- A Revocable Living Trust
- A durable power of attorney
- Healthcare power of attorney
- A living will
An attorney can help a person through estate planning and can consult a person on asset protection, asset management, and the division of their assets. The more assets a person owns, the more complicated their estate planning will be. During the process of estate planning, an attorney will assist a person in inventorying their property, identifying their owned property, naming guardians of minor children, determining a manager for one’s assets, and putting together their last will and testament.
When should I contact an estate planning attorney?
Anyone who wants to make sure their property is properly distributed after they pass away and that their loved ones are properly taken care of should make sure to get in touch with an estate planning attorney to help them with the probate process. The sooner a person calls their lawyer, the better it is for them as they can have their trusts, wills, and power of attorney planned without any further delays.
Death can come to anyone at any time through a sudden accident or naturally, and a person should make sure they have thoroughly planned out the distribution of their assets as soon as they accumulate a significant amount of wealth. The last thing anyone would want is for their loved ones to not receive the care they need when they are no longer there themselves to take care of them.
Having a proper attorney on one’s side can make all the difference and help save a significant amount of taxes on one’s wealth so that the loved ones of the deceased and those who deserve the wealth are given it in full.