Three Valuable Estate Planning Tips
Today, more than half of people haven't created a will. This leaves the distribution of your wealth to chance after you pass on. If you work these details out with an estate planning lawyer, you will have the help and focus that you need to hammer out these details in a written contract. In this article, you will get to know the benefits of having a will so that you can then learn how to make it happen.
#1: Start working to draft your last will and testament
Having a will is important so that your estate doesn't go into probate. When probate happens, your state will have a say in how your wealth is distributed, and it leaves your relatives scrambling to make claims. When you have your will together, it spells out everything in writing so that this doesn't happen. When you hire an estate lawyer, you can explain who is getting what part of your wealth, who will be responsible for managing your estate after you pass on, instructions for handling your funeral, and even passcodes to important financial accounts. It's important to explicitly include these sorts of details so that nothing is left to question, and so that your family is taken care of.
#2: Set up trusts that can help you with your estate planning and wealth distribution
Trusts are also a key part of the estate planning process. With a trust, you can set aside money to go to specific people. These funds are distributed at certain times or if certain requirements are met. For instance, you can set up a trust that passes on portions of your inheritance once your kids graduate college, get married, buy a house, or other requirements. The funds will be held in a third-party account until these requirements are met. Trusts are especially important if you have a lot of business interests that need to be determined.
#3: Hire an estate planning lawyer that can go to bat for you
It's important that you work with an estate lawyer who can assist you with your planning. Their fees are usually about $250 per hour, and they can cover you when you need to write a will, create trusts, designate executors, and several other parts of the process. Work to hire this lawyer as early as you can, while you are of sound mind and body and still accumulating wealth.
Follow these three tips so that you can work with an estate planning attorney that can help you. Check out this website, https://www.linskylaw.com, or similar sites for more information.