Estate Planning Services: What They Do
Some might think that estate planning is nothing more than just drawing up a Last Will and Testament. Believe it or not, there’s so much more than that.
More often than not, it would probably be to the benefit of any individual to consider estate planning services in handling everything regarding assets and property in the event that the individual dies or falls under a vegetative state or mental incapacity.
Why Is It Important to Consider Estate Planning Services?
Seriously, why couldn’t anyone do it alone? Because there’s so much to consider. The reality is estate planning is, in fact, a lengthy process. And it shouldn’t be ignored.
There are several things to consider when dealing with estate planning, and good estate planning services will help in all of these areas:
• Living Will
• Last Will and Testament
• Power of Attorney
• Revocable Living Trust
• Irrevocable Living Trust
• Estate Taxes
• Business Planning
It can go on and on, really. It all depends on the complexity of the estate and assets belonging to any given individual. In reality, even an individual with anything less than $2 million in assets could still benefit from the proper estate planning services.
Some people may need a simple will drawn up? Without a doubt, estate planning services can make that less of a headache, even though there would be a fee included to get the ball rolling. It’s still worth the money.
Issues That May Occur
If a person’s not careful, not taking into account the fact that he or she will have to pay an estate tax will drastically surprise the person in a very bad way, particularly when he or she could’ve consulted with an estate lawyer about it.
Making sure that any provisions are listed clearly will matter with probate, too, as that’s simply designed to handle all taxes and other expenses, effectively disposing of an estate upon death, which can not be beneficial to some beneficiaries.
Especially when family’s concerned, a person’s going to want to make sure minor children – if present and in the care of the person – are taken care of by Guardians. Without a doubt, a good estate planning service fiduciary will ensure that everything is worded the way it should. There would be no need for proofreading!
In the event that there are disputes within a probate hearing about the distribution of assets, a person’s going to want to make sure to set up a Power of Attorney. That individual holding a POA serves the purpose of representing that person’s rights and wishes, ensuring that a Last Will or Trust is being followed appropriately.
And sometimes even an experienced probate lawyer is necessary to protect against all kinds of fraud between family members and non-family members. It’s all rolled up into one basket that involves professional estate planning.
Getting the Help a Family Deserves
Because when an individual becomes deceased, his or her wishes would then need to be followed. His or her assets need to be protected.
That’s the purpose of truly effective estate planning services.