Estate planning is not the most thrilling aspect of being an adult, but it’s one of the most important. You might feel like estate planning is something that you can put off until later in life, but the sooner you begin, the better.
An estate lawyer can help you set up your estate and plan for the future. The lawyer can help you with trusts, wills, and other documents necessary to protect your assets and leave them as you wish upon your death. Here are some specific ways that an estate lawyer can help you.
Creating a Will
A will lets you designate how your possessions will be distributed after your death. Having a will in place can help reduce conflict and uncertainty during a difficult time. A will also lets you designate who will take care of your children and pets if you’re no longer able to do so. It’s important to have a will so that your state doesn’t decide how to distribute your possessions (they likely won’t consider what you would have wanted). An estate lawyer can help you decide who gets what and set up your will so that it complies with your state’s laws. Then, after your death, a California probate lawyer can ensure that everything goes according to plan.
Establishing a Trust
A trust is a legal entity that holds your assets for the benefit of someone else. This arrangement allows you to continue receiving income from your assets while you’re still living. This way, you can maintain your standard of living while also reducing your tax burden. A trust can also help you stop creditors from claiming your assets. However, the only way to make the most out of a trust is through a skilled estate planning attorney. With the right legal guidance, you can establish a trust in a way that benefits yourself and those close to you.
Reducing Your Taxable Estate
You may be concerned about taxes if you want to leave a significant amount of money to your loved ones. The more money you leave, the larger the tax burden might be. An estate planning attorney NYC can help you come up with inheritance tax strategies to make sure your family doesn’t have a huge tax burden after you die. Preemptive measures are especially important if you own a business or have a significant amount of wealth. You may be able to reduce your taxable estate by setting up trusts or other legal entities, but you have to do this the right way. The wrong strategy could worsen matters.
When you’re ready to meet with an estate lawyer, the best thing you can do is be prepared. This means making a list of all of your assets, including properties, life insurance policies, retirement funds, and other such items. It also means listing your loved ones’ names and contact information. Having this information ready will make the process go much more smoothly and help you get the most out of your estate planning experience.