Estate Planning Law Firms Provide A Large Number Of Services

You have two choices regarding how your assets will be distributed to you heirs in the event of your death.  First, the can be distributed according to the express wishes contained in the estate plan you drew up with the help of an estate planning law firm; or second, they can be distributed according to the laws of inheritance established by your state legislature because you o never found the time to make a will.  As amazing as it sounds, two out of every three Americans end up picking Door Number Two.

No one likes taxes, but estate taxes are the worst.  It's hard to believe that the assets you have built up over the years and already paid taxes on the first time will be taxed again when you leave them to your family.  An estate planning law firm can help you reduce the estate taxes and probate costs through distribution and management of your assets.  Although, your family may be very shocked to learn that you have changed your mind about taking care of them and have left everything to Greenpeace.

You may not realize how much of a dent the costs of settling an estate will make.  They include your final medical bills, funeral expenses, the court and attorney's fees if your estate is probated, and taxes.  All these expenses must be paid before your estate is settled, so taking care of them can also delay the time when your assets will be distributed to your heirs.  An estate planning law firm will advise you about ways to see that all of these expenses can be covered without delaying matters.

It's hard to think about life still continuing as you pass on, but it does.  Most people think about the funeral cost and the hospital bills, but there are bills like credit cards, a possible mortgage and insurance, the electric and phone, car payments and lot of other expenses that have to be tracked down and paid before anyone gets an inheritance.  An estate planning law firm can make sure that you have an account with funds that are easily accessible to pay off final bills quickly, so that your heirs can worry about other matters.

Another area in which the services of estate planning law firms are essential is that of estate taxation.  Any estate large enough to be taxed requires more than a will if the objective is to preserve as much of the estate as possible for the decedent's heirs.  Estate planning law firms can devise living trusts or gifting strategies which will keep most of a person's assets separate from his or her estate and out of the probate process.

No one can really know the quality of life they will be able to enjoy in their later years, and no one wants to think about their mortality.  Everyone hopes that after living a full life, they'll just fall asleep peacefully one day and never wake. That's a nice thought, but it is absolutely imperative that a living will be drafted to let your caregivers know what health measures you want taken if you become incapacitated.  This document needs to be drafted by an estate planning law firm so that no relatives can go to court to keep you on machines when your wish was to be taken of life support.  Power of attorney allows someone to control your health care if you can't make your own wishes known.  Find out more about attorneys and estate trusts at http://www.estatecontractstrusts.com

The old saying, "A man who represents himself in a court of law has a fool for a client" can easily be applied to estate planning as well.  If you have substantial assets and have just read a book from the financial section of the local book store, you should know enough by now that you need to call an estate planning law firm so they can get started on managing your affairs.

Although most people don't like the idea of making their finals plans at first, after talking to an estate planning law firm, it makes them feel great that they are using their estate to help future generations to come.