Consulting with an estate planning lawyer is the best way to ensure that a person has all the right documents in place so their loved ones can receive their assets without any complications arising. There are several documents that will generally be involved in a good estate plan. These include a will, revocable trust, financial power of attorney, assignment of assets and trusts, and also a health care directive if relevant.
Each of these documents serves a different purpose, and looking for an attorney near me can help a person decide which documents they need the most based on their case. Many individuals have the wrong idea of how property is passed on when they are no longer there, and this can lead to a lot of their assets being wasted in excess taxes and avoidable probate fees.
The best way to make sure that one’s assets are passed on to their loved ones as soon as possible is by connecting with an estate planning lawyer without delay and seeking their expertise on the matter. Anyone who dies without an estate plan will leave their property to the state to distribute. If any of their property was in joint tenancy, then the property will be passed on to the surviving owner. In other cases, one’s descendants will receive all their property.
However, if a person wants to make sure they get the most out of their estate plan and that their assets are distributed specifically, they should make sure they have a proper estate plan in place.
Does a Revocable Trust Save Taxes in Saint George, Utah?
A revocable trust is an integral part of any estate plan and though it is useful to help avoid the probate process and to avoid court dealings, it can not be used to save on taxes. A revocable trust does not reduce one tax. However, some estate taxes may be reduced through a revocable trust.
Anyone who owns property and assets or who fears that their time may be coming to an end should get in touch with an estate planning lawyer as soon as possible so they can begin the planning process. One family members and loved ones deserve to get the financial assistance a person set aside for them and the best way to ensure they get this is by getting in touch with an estate planning attorney right away.
Connect with an estate planning lawyer at the Law Offices of Barney, McKenna, and Olmstead, PA, today to get help with sorting out such delicate financial matters.
Reach them at:
43 South 100 East
590 W Mesquite Boulevard