How Estate Attorneys Help You Protect Your Assets And Ensure Proper Division To Your Heirs
Estate attorneys have many tools available to help you plan out the distribution of your wealth. Learn about the ways that estate lawyers can help prevent the need for probate attorneys and unpleasantness within your family.
A Will Isn't Always So Simple
The larger your assets, the more difficult it will be to ensure that they end up divided according to your wishes. The primary reason for this is human nature. When large amounts of money are at stake, people are more likely to hire probate attorneys and contest a document not favorable to them. A standard or simple will isn't likely to hold up under particularly intense scrutiny from modern probate attorneys, leaving a strong possibility that the document would be compromised unless crafted with more care.
Complex Desires Can Be Worked In By Estate Lawyers
Regardless of the size and nature of your assets, you may simply have unique requirements that you want to see met. For example, many individuals want to establish some kind of fund for their children in the event of a particularly early passing. However, they don't want this fund immediately accessible to a minor child, who might irresponsibly spend it all. In this case, estate lawyers can assist with the setup of a specialized trust fund or restricted bank account. These options are not right for everyone, but they can provide a way to transfer funds sometime after the will has been executed.
Trusts are just one example of ideas that estate attorneys can offer to those who are planning out their wills. There are other concerns that may need to be addressed, like the division of a home or the care of children. All of these are special topics, and working with estate lawyers to resolve them often sheds new light on the situation.
Thinking About Tax Concerns Is Important
The entire tax situation for most wills is complex and highly varied. Probate attorneys are not generally tax experts, but they should readily be able to put you in touch with someone who is, and may be able to provide some advice themselves. The most important thing is that you be aware of tax requirements or other taxes that you might not be expecting. A good lawyer will be able to help you achieve the end result distribution that is closest to your desires, navigating all necessary tax questions along the way.
Cookie-Cutter Documents Are Unwise
Every testament is drafted by someone with a different situation, different needs, and different assets to distribute. Even if your situation seems quite simple, and even if you have just one heir, it is still wise to consult a professional. If you leave instructions that seem simple but have not been written with the assistance of a legal professional, you increase the chance that probate attorneys will contest the document and convince a judge to overrule it. Spending a little bit of time now can ensure that your wishes are followed in the future.
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ABOUT THE AUTHOR
Kerry Peck is a managing partner of Peck Bloom LLC, a leading group of estate lawyers in Chicago. The Chicago estate attorneys from Peck Bloom have helped thousands of people ensure that their wishes will be protected.