Estate planning is one of the most mandatory conditions for people worth more than $150,000 and those that own children and property for a number of reasons. Estate planning allows you to manage your property even when incapacitated or after death, a necessary precaution for a number of reasons. Unplanned estates are a major source of quarrels and unrest in families ending up in unending legal quest in the name of owning part of the property for those left behind. It is also an expensive venture when done by the state since a commission will be charged for the process. Affordable estate planning is possible enabling you and your family members to enjoy a peace of mind during and after your demise.
This can be done in a number of ways including putting up a will, living trust or a testament or through the use of a combination of documents depending on your specifications. A good estate planning lawyer will not only put down what you need on paper and enforce it but will ensure that you get the necessary advice in the process for the purpose of safeguarding your hard-earned wealth.
Some of the types of documents you can choose from include land trust, irrevocable trust, out-over wills, living trust, certification of trust, last will and testament, durable power of attorney, limited power of attorney and advance directive to physicians.
Each and every method comes with its advantages depending on what you are going for. One of the most preferred methods is the living trust. This serves to avoid probate which is cheaper than the rest of the methods, avoids conservatorship predetermining who will handle assets before- hand and predetermination of asset distribution before death. It also allows you to include extraordinary clauses such as no contention and have them enforced by the law through the power of an attorney.
One of the other advantages of living trust is that it allows the clients to stipulate conditions to inheritance for the successors. A client may put time limits and also stipulate feats to be met before the wealth is handled over. The lawyer will see this through and also work through the enforcement of the same to ensure that the wishes of the clients are met without conditions. A good estate lawyer is affordable no matter the case at hand ensuring that you get the best value for your needs.
Heidi Kim is a professional business consultant and legal researcher focusing on business laws. She is passionate in helping those who have any queries regarding business laws and how these may affect their respective businesses. Follow on twitter @gehreslawatty