Although many people in the Kent area believe that estate planning is beneficial only for the division of assets, when you die there are many other important situations that require a good estate plan. It is also necessary if a person becomes incapacitated and needs someone to take over their financial and/or health matters. It can also be beneficial to reduce an estate tax burden for the family.
An attorney who is skilled in estate planning can help a family with the four basic components of estate planning. These include property law, estate taxes, financial goals and legal documents.
Property law deals with the distribution of property after death including real estate, money, retirement accounts, bank accounts, etc.
Estate taxes deals with minimizing the estate tax burden at the time of death. An estate attorney is skilled in knowing both state and federal tax law and knows ways to minimize the burden for the family.
Financial goals can be ways to protect property and assets both before and after death. It can be maintenance of the assets and gifting assets during a person's life. It can also include setting up trusts for loved ones to make sure gifts are used in accordance with a person's wishes.
And finally an attorney expertly creates the necessary legal documents in an estate plan. These include wills and trusts which contain the instructions for how assets are to be distributed upon death and names an executor who will be in charge of the estate.
A legal professional skilled in estate planning can help a family with all of the complexities of their estate. They have the experience necessary to make sure that a family's needs both now and into the future are protected.
An attorney is invaluable when it comes to estate planning for families. They know what is necessary in making sure an estate plan covers all legal bases and makes sense. Each family and their financial and estate needs are unique. Making sure all assets are protected can be reassuring for families.
Source: itemonline.com, "Do you really need an attorney for estate planning?" Sam A. Moak, Sept. 20, 2015