subject: Why to Hire an Attorney for Estate Planning? [print this page] Why to Hire an Attorney for Estate Planning?
Whether you are a millionaire or a person of modest means, you want those assets to go to those that you believe to have them. Making this choice is easy through estate planning, as it does not only ensure the management of the assets while a person is alive but it also help one decide the real heirs and when or how the possessions and the assets will be transferred. It also includes the steps that helps in minimizing the tax and make it easy for the heirs for inheriting the assets easily. There are basically three options for planning an estate: wills, living trust or an intestate succession.
Intestate succession also known as intestacy refers to the transfer of undeclared property after the owner has died, in accordance with the intestate law succession. According to this law the estate decides to whom and how the estate will be inherited, after a series of questions the spouse or descendant have to answer, in order to inherit the estate. The modern law of intestacy does not only emphasize the traditional concern of keeping the property in the bloodline but it also favors the rights of the surviving spouse, whether or not he or she is regarded as kin, and (in most jurisdictions) to ease restrictions on inheritance by illegitimate children. However, the succession is agony and the descendant may also have to pay more tax for inheriting the property. To avoid these circumstances, wills is the best way of estate planning and to decide how and who will inherit the property be it a personal property or real property.
Will is the legal testament that ensures the distribution of the estate to the beneficiaries in accordance with your wishes and choice. It even allows one to name the person that one wants to be responsible for making that distribution. No matter how small or large your estate is one should never put off the preparation of will.
Another way for estate planning is a living trust. It is legal arrangement in which a person holds a title over a property for another person. The person holding the title is called trustee well as the person for whom the title is hold is called beneficiaries. The trustee has the full right and control on the property in the trust and to decide the best for the beneficiaries. One can be the trustee of his own living trust. A living trust also helps in reducing estate taxes, avoid probate, or for setting up long-term property management.
The Carroll Law Firm is operating in Anthem, Arizona wants to make sure that are clients are fully protected. Therefore, they recommend that the clients consider executing Business & Healthcare Powers of Attorney, Living Will, and when appropriate, Trusts. Carroll Law firm are well experienced for developing and administering these documents for estate planning. Whether your potential estate needs are simple or complex, The Carroll Law Firm handles each plan with integrity and practices good communication with their clients.
