Developing a strategy for how to divide money in the event of a death is what certain people have been talking about, but not everyone has done. Concerning this important aspect of preparing for the inevitable, there are common misconceptions, including the idea that most people do not have enough assets or property to constitute a whole estate. Visit Estate Administration Attorney.
This does not have to include lavish homes, large sums of money or rights of ownership to profitable business ventures. Anything of value, whether it’s land, antiques, jewelry or rare collections, should be considered. For those who wish to pass on their beloved possessions to their loved ones, the best way to ensure that final wishes are fulfilled is to hire estate planning lawyers to devise a living trust or will. Estate lawyers create policies that are used to procure, secure and distribute accordingly the real and intangible properties to be inherited upon the testator ‘s order.
Why Will Wills and Trusts with Estate Lawyers Draft?
When it comes to planning, lawyers can guide clients through the legal process of drafting documents stating which recipients will inherit specific possessions and how much each recipient has the right to. There are two methods used by estate planning lawyers to protect their clients, their assets and loved ones: trusts and wills to live.
Trusts and Wills are drafted by a lawyer specializing in elder law, where they take their client ‘s instructions and create a legally binding document that ensures that their assets are divided in ways they consider fair and just.
Trusts and wills can be seen as complementing legal documents. A Trust is used for insurance purposes and helps to determine whether to assign land and valuables, with the Will being used to protect all properties or assets not found within a Trust. Wills and trusts should be regularly updated to reflect changes inside the law. This small step is a very important requirement to protect those documents from subsequent dispute.
Without a will or trust what happens?
They are deemed to have died intestate in the event that someone dies without drafting a Will or Trust. When this happens, the state gains control over any possessions belonging to the deceased and reserves the right to distribute them in ways they deem appropriate. The most common scenario includes splitting property and assets among blood relatives. Besides physical property, the state also makes the determination with respect to the placement of any minor children.
Many would-be beneficiaries are left without an inheritance, in the absence of a Will or Trust. The sum of time and financial support to effectively challenge a state-mandated partition of properties leaves other citizens with little choice when it comes to receiving their expected portion of an estate, while finding few to no legitimate basis for redress.