Estate planning and trusts are an important part of your life. Even if you have a small estate, taking the time to make your final plans and to officially designate the heirs to your estate can make handling your final affairs much easier for your family when you are gone. Even if you are young, it is good to set things in order so that a plan will be in place in case the unforeseen happens. You can always update your plans later as your family grows or your life changes.
What is an estate planning attorney? Most work for estate planning and trusts is done by attorneys. Estate planning firms can help you to create and implement a will or a trust document to distribute your money and possessions when you have passed on. These people can help you to structure your estate so that it goes to who you want while incurring the fewest taxes. An estate planner can also help you to manage the affairs of a business that will need to be wound down or restructured after your passing. Estate planning and trust documents often contain provisions for final plans like burial or cremation. Because wills, estate planning and trusts can become complicated, estate planners come in a variety of forms with a variety of credentials, like Chartered Financial Analyst, Certified Financial Planner, Trust and Estate Practitioner, and others.
What is a probate attorney? Probate courts rule on the validity of wills and oversee the distribution of property under the terms of approved wills. Probate law attorneys and estate planning attorneys can help you to craft a will that will meet all of the required formalities for probate. This is a significant part of estate planning and trusts.
Trusts offer a common alternative to a traditional will and probate. Before or after death, a person’s money is transferred to the trust. Often, this has tax advantages for large estates. Trusts have conditions placed upon the distribution of their funds, so they are often used to prevent young and inexperienced heirs from wasting their money or to provide funds for someone that needs long term care, like a developmentally disabled person. For more information, read this website.