Even though most of us try not to think about it, a time will come when we are no longer able to look after our assets on our own. Even though they know that they may be tempting fate, many people put off planning for their financial future until it is too late. Whether this time comes as the result of old age, disease, death, or an accident, no one wants the future of their loved one to be uncertain because they failed to plan ahead. Why jeopardize your assets, and the future financial security of your dependants and loved ones? An Estate Planning Lawyer can help you to prepare yourself and your loved ones for the time when you will no longer be able to competently oversee your assets. They can help you to create a will or a living trust document, make sure that your assets are transferred or otherwise converted into a category that will allow them to retain the most value, and help to ensure that even after you are gone, your beneficiaries will continue to benefit for many years to come.
An Estate Planning Lawyer will be able to help you to better understand tax laws, how they affect your assets now, and how they will affect them in the future. They will work to understand your finances and other assets so that they will be able to give you the best advice about how to maintain and protect your property, especially when you are no longer able to make independent decisions about it on your own. Understanding tax laws will arm you with the ability to maintain and build their value so that you and your beneficiaries do not lose a large portion of your hard earned assets to the government when you decide that it is time to pass your assets along to the next generation. Maybe you simply need to shelter your assets from unnecessary taxation. Sometimes the best way to do that is to transfer you assets to one of your beneficiaries while you are still living. An experienced lawyer will make sure that all of your assets remain protected from depletion, and also ensure that all applicable laws are adhered to when changes are made.
At the very least, every responsible person should have a will. A will makes it possible for you to leave instructions regarding the disposal of your property and the guardianship of your children. If you fail to leave a will, upon the event of your death, the courts will decide how your assets will be divided and who will raise your children for you. No one wants their assets to be divided up amongst unscrupulous family members who may waste carefully earned assets, instead of preserving them for the children of the person who earned them. No one is a better judge of who should receive and safeguard their assets than the person who earned them. That choice should be your choice, and your choice alone. Without making a will, everything that you have worked for will be disposed of with no input from you. In addition, you will have no control over the future of your children. If you cannot take care of your children yourself, wouldn’t you at least want to be able to choose the people who will raise them? Without a will, the future of your children will be left to the tender mercies of strangers. Instead of leaving the disposal of your property to chance, and the futures of your children to a court appointed guardian, contact an Estate Planning Lawyer, and make a will so that you will never have to worry about what will happens to your hard earned assets when you are gone.
However, the best choice for you and your loved ones may be a living trust. A living trust has many benefits that can outweigh the benefits of a simple will. One of the biggest benefits is that a living trust does not go through probate, thus decreasing the amount of time that your beneficiaries will have to wait before they can take over the management of your assets. Another benefit of a living trust is that you will be able to keep control of your assets even if you are disabled. You will not have to worry about anyone taking control of your children or property prematurely. Because a living trust is confidential, you will be able to make private decisions about the division and disposal of your assets, and you will not have to worry about the good intentions of your beneficiaries being overwhelmed by greediness or impatience. These qualities will help to maintain peace in your family. Also, a living trust can be changed or revoked at any time, ensuring you peace of mind. You will always know that you are not locked into any set plan for the division of your assets at the time of your death. You will be able to make changes to ensure that you do not accidentally exclude any of your beneficiaries from the benefit of your assets. Contacting an Estate Planning Lawyer will help you to protect yourself, your assets, and the future of your loved ones from the certain uncertainties of a future without adequate planning and forethought.