Most people who are planning their estates know that a will is the foundational document in the plan. When you create a will, you clarify your wishes regarding the distribution of assets, and an estate planning attorney can help you draft a will with enforceable language that leaves nothing to chance.
The estate, probate and will contest attorneys of Landrum & Shouse LLP handle a wide variety of estate-related matters, including the preparation of wills and trusts, disputes over inheritances, and creditors' claims against estates. We know that, with the right planning, estate assets can be preserved and protected; loved ones can be provided for; and confusion and litigation can be prevented.
What will your legacy be after you're gone? It's a difficult question. With the right planning, though, at the very least you can protect your loved ones from disputes over your assets and debts. For you and your heirs, effective estate planning can provide the great benefits of clarity and peace of mind.
A well-drafted will is a foundational estate planning document. Every estate owner should have a will. However, a will does not offer the full range of options for protecting your assets from the costly and time-consuming probate process. If your goal is to keep your assets and your loved ones out of probate, then creating a trust is a good decision.
More and more American baby boomers are reaching retirement age and planning their estates. Remarkably, it's been estimated that in the next 35 years, $30 trillion will change hands in the biggest transfer of wealth in the nation's history. However, according to a recent survey of wealthy Americans, 43 percent of respondents said they didn't feel that inheritance planning was a pressing issue.
If you feel nervous or overwhelmed about having been named executor or personal representative of an estate, then you are not alone. Estate administration is a more or less complicated process that overwhelms many people, especially in the grievous time after the death of a loved one. Many factors determine the degree of complexity in estate administration, so let's go over some of the basic steps.
Many bases have to be covered in a comprehensive estate plan. Essentially, you're not only planning for the future, as if it's an unknowable set of circumstances; you're actually creating the future for you and your loved ones. By organizing your estate and drafting the appropriate documents now, you can reduce the number of unknowns and rest assured that your loved ones are provided for.