Wills and Trusts | Leaving a legacy

This Article Written for Willhoite Law, PLLC

While here on earth, we should be a blessing to others. But, our job is not done there. We should also leave our mark behind when we are gone. Whether sooner or later, death is inevitable for all of us. But for our families’ sake, we should be prepared. Rather than letting the state courts decide which family member should be entitled to our property, we can set up wills and trusts that divide our assets and document our last wishes. It is never too early to start planning for our estate. We are not promised tomorrow, so if we need to ensure that our last wishes for our assets are fulfilled, we need to take the time to see that the right documents are in place.

The two most common and effective means of passing over of interests in personal or real property to another person after death are the Wills and Trusts .Many people use them  to protect themselves, their assets and their loved ones. The small differences between these documents and having estate planning lawyer describes the details can make the difference between a successful inheritance and a court dispute. The  both legal documents that protect an individual’s final wishes regarding how his personal property will be distributed in the event of his death, and are a common part of elder law. While both documents are similar in nature, there are differences in the details that most people should have a thorough understanding of before deciding which one best suits their situation.

In case you’re not familiar with Wills and trusts you can understand by this, the Will is a type of legal document that permits the management and distribution of a particular estate upon death. It is also a type of binding document that contains your demands and wishes which will then be recognized by the law and to be carried out by the appointed executor. On the other hand, a Trust is another legal document that is created and designed for another person, the trustee, to manage your trust properties on your behalf. The trustee will not only see to it that your properties under the trust are properly managed but will also be responsible for transferring these estates to named benefactors of the said trust. If you are interested in making these documents, you should consult an estate planning lawyer to be sure they are created and designed according to your wishes and that agrees with the laws of your state.

Wills and trusts are important to ensure that the legacy continues. It is possible that our heirs are not mentally or emotionally ready to handle the immediate wealth our death provides for them. Some family members may allow greed to take hold of them, resulting in the inheritance being mismanaged and wasted in months. A trust allows us to choose trustworthy managers who can ensure that the legacy continues. 

Planning for future for when you pass away is something that no one likes to think about, but it is a need that should not be ignored. You might think that your family would manage it fine without your having an estate planning lawyer, but it is unusual the adverse effects that the death of a parent can bring out in their children. It is also best to have the large portions of an estate figured out so that assets will go to the family and not just end up with the government.

You need the assistance of an estate planning lawyer at Willhoite Law, PLLC when you think to care about your loved ones and also prepare to look after your assets. After you passed away, your estate should be distributed in the way you want and it is always better to make an appropriate document clearly explaining how you want to distribute your assets.

Surely, most families think that when their parents die that the kids will get along, share up everything, and almost everything will probably be fine, and in a couple of uncommon cases that is true, but that is not the common occurrence. Actually, it usually happens in families that think it’s not going to, a lot more than families that accept it might. What you should do one thing for your assets, and you also can’t stress this enough, is you get everything in order, guarantee the Wills and Trusts are updated, and in addition understand that the laws change often enough, which means you had better stay up with things, or even you will end up paying a lot more taxes than you needed to be anticipated, as well as for that you might need a estate lawyer. Instead of letting the state courts to choose which member of the family should be entitled to your estate, the estate lawyer can set up wills and trusts that separate your property and document your last requests.

There are many things to consider as you look for the right lawyer to help you. You will need someone who is flexible in both where and when they can do appointments, you may also want someone who is available for you 24/7 especially if a life-threatening disease is involved and information may need to be changed at the last minute. You will also need a firm that has a good reputation for their good work as well as that they have a great amount of experience in this field. Flexibility is essential if you are older because you might not be ready to get out of the house to go to an appointment. Having a firm that is ready to come to you and even meet with you on weekends will be a great asset. If you have any other estate-related situation to deal with, availability could also be vital.

The reputation of the firm is also essential. You can check out the firm’s website, but you should do more than this. You should watch the reviews about the particular firm on a reputable reviewing website. You may have friends who have already taken care of these issues, and you can ask them if they have any experience with a specific firm. You will not repent taking care of these details while you can. Your family will be so thankful that you thought of them and took care of their future.