Few people take the time to plan the future of their loved ones after they themselves have left the world. While most individuals express the desire to be the one that decides on the distribution of their estate among their dependents, few take the initiative to put together a legal will. Engaging an estate planning attorney Washington DC can make this difficult planning process much smoother, while avoiding problems in the future.
Having a will is especially important if you have a spouse or children. In the case of your demise, not leaving behind a will can put them under undue stress. Without a will, your loved ones have to go through a long, drawn out legal process prior to having access to their inheritance, as well as being subjected to high estate taxes.
Leaving a will is not just important for the management of material assets. It can also dictate other things such as your wishes for the care of your remains, or who will be responsible for the care of any dependents that are under the age of majority. You can also determine which individual will be in charge of executing your will.
A will is a legal document, and as such, has to meet specific legal criteria. Self-made wills often fail to meet these legal requirements, and as a result are in danger of invalidation. In order to avoid this risk, it is best to consult with a professional and engage the services of an estate planning lawyer during the process of writing your will.
An attorney can advise you on whether it is beneficial to have a trust set up as part of your estate plan. A trust involves setting aside part of the assets in a special legal structure. These assets are then made available to your heirs under certain conditions. In certain situations, trusts can simplify the legal process of inheritance and potentially help reduce taxes on your assets.
Along with a will, you should also consider drawing up a document of power of attorney. Should you become mentally incapacitated, the power of attorney document allows a person of your choice to make legal, financial or health care-related decisions on your behalf. A lawyer can help you put together a legally valid power of attorney document.
If an inheritance dispute arises following the disclosure of a will, your attorney is once again on your side. He can be called upon at that time to resolve the dispute. As the legal professional who has overseen the writing of the will, he will have access to the necessary resources in order to be able to settle the matters in favor of your wishes.
Overall, an estate planning attorney can help you plan out the future of your assets and your dependents. He can also ensure that all necessary documentation is meeting all legal requirements. Consulting a professional can take the stress and the guesswork out of your estate plan.
Having a will is especially important if you have a spouse or children. In the case of your demise, not leaving behind a will can put them under undue stress. Without a will, your loved ones have to go through a long, drawn out legal process prior to having access to their inheritance, as well as being subjected to high estate taxes.
Leaving a will is not just important for the management of material assets. It can also dictate other things such as your wishes for the care of your remains, or who will be responsible for the care of any dependents that are under the age of majority. You can also determine which individual will be in charge of executing your will.
A will is a legal document, and as such, has to meet specific legal criteria. Self-made wills often fail to meet these legal requirements, and as a result are in danger of invalidation. In order to avoid this risk, it is best to consult with a professional and engage the services of an estate planning lawyer during the process of writing your will.
An attorney can advise you on whether it is beneficial to have a trust set up as part of your estate plan. A trust involves setting aside part of the assets in a special legal structure. These assets are then made available to your heirs under certain conditions. In certain situations, trusts can simplify the legal process of inheritance and potentially help reduce taxes on your assets.
Along with a will, you should also consider drawing up a document of power of attorney. Should you become mentally incapacitated, the power of attorney document allows a person of your choice to make legal, financial or health care-related decisions on your behalf. A lawyer can help you put together a legally valid power of attorney document.
If an inheritance dispute arises following the disclosure of a will, your attorney is once again on your side. He can be called upon at that time to resolve the dispute. As the legal professional who has overseen the writing of the will, he will have access to the necessary resources in order to be able to settle the matters in favor of your wishes.
Overall, an estate planning attorney can help you plan out the future of your assets and your dependents. He can also ensure that all necessary documentation is meeting all legal requirements. Consulting a professional can take the stress and the guesswork out of your estate plan.
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