Plenty of people are under the impression that estate planning is only for the wealthy but this is definitely not the truth as every individual family and business owner can benefit from at least some basic estate planning. You will likely find after consulting with a local estate planning attorney that this is a relatively simple process that can be made more complex only when you need it.
Furthermore, the costs can be tailored to fit your specific needs and benefits people of all tax brackets and salaries. One of the primary reasons to consult with an estate planning attorney is because it will make the process easier. You’ll understand that probate is a legal mechanism of transferring your property from your ownership to another person. This means that you have some important decisions to make about what property you’d like passed on and to who.
Furthermore, you’ll need to think about important people who may be installed in critical roles as a result of your estate plan. Two common examples are guardians that you may choose for your minor children and the executor of your estate who is responsible for estate administration.
Your attorney will help you walk through what you want to happen with your estate and execute the property legal documents to achieve that. Your attorney will also determine which items should be included in the estate, if a trust should be established, how much your estate might actually be worth, and consider any insurance policies and tax related issues associated with your estate. Schedule a consultation with an estate planning lawyer today to learn more.