Have you started the estate planning process? Although not many people like to talk about what will happen with they pass away, it’s a necessary conversation to have if you want to have a say in how your assets will be distributed. Estate planning can be a great family planning tool, but only when you do it right. If you have yet to begin the estate planning process, consider the following benefits of hiring a lawyer to help you do so today:
Wills vs. Trusts
Do you know the difference between a will and a trust? While both will allow you to decide how to distribute your property after your death, a living trust will allow your loved ones to avoid probate. However, only a will can allow you to name guardians for your children or an executor to oversee your estate. If you’re confused about whether you need a living trust or a will (or both of these), it’s a good idea to consult an attorney who understands the law surrounding wills, estates and trusts in Mooresville, NC and can help you make the right decision for your unique circumstances.
Leaving No Stone Unturned
When it comes to estate planning, there is a lot for you to think about even beyond the wills versus trust issue. For example, you’ll need to consider things like:
1. Who would you like to make medical care decisions for you should you ever become incapacitated?
2. Who should become the guardian of your children if something happens to both parents?
3. What would you like to happen to your businesses when you are no longer here to run them? For example, would you like them to be sold or do you want a specific person to run them?
Your living trust or will is going to determine how your loved ones are taken care of when you are no longer here to do it. This is why it’s a good idea to allow a lawyer who has experience with wills, estates and trusts in Mooresville, NC to help you make sure that you tackle all the important issues so that nothing is left on the table.
Proper estate planning should be an essential experience for every person, especially those who have families to take care of. Visit Lakelawpllc.com to discover more about how having an attorney on your side throughout the estate planning process can help make things go more smoothly for you.