3 Important Aspects of Estate Planning Everyone Should Know

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Updated 4/11/2022

It might be challenging to navigate the intricate estate planning process on your own. Hiring an estate law lawyer may assist you in understanding the critical components of your estate plan and presenting you with solutions that may benefit your unique situation. Your estate plan will encompass a series of papers. This may vary according to your state’s legal system.

Depending on the state, you may be required to complete papers such as a healthcare proxy, an estate planning inventory form, a living will, and medical instructions. Further, the estate planning regulations are distinct from individual and corporate estate planning.

Additionally, you may need to create trust, a legal instrument that serves as the foundation for your will. A trust establishes how your heirs should manage your assets once they inherit them through your will. Taxes on assets affect trusts. If you cannot pay a lawyer, an online trust maker provides a cost-effective option.

Finding competent estate planning lawyers may help you draft a will or trust that details how to administer your assets in case of incapacitation or death.

There are many legal services estate planning attorneys are involved with on a regular basis. It’s not just when a person dies either, estate planning services should be an ongoing and ever-evolving process throughout the course of ones lifetime. Unfortunately, over half (51%) of Americans between the ages of 55 and 64 don’t have wills and that number balloons to 64% when talking about the general public overall.

It’s one of those areas that most people would just rather not think about, let alone spend time and money putting it all together. While it really isn’t as complicated and scary as some people make it out to be, estate planning services are incredibly important and there’s more to it than just writing a will. Here are three of the main aspects associated with estate and will lawyers.

Another significant, but rare estate aspect to consider is federal estate taxes. However these only apply to individuals whose estates are valued at more than $5.43 million. Fortunately, or unfortunately depending on how you look at it, most people won’t have to worry about those.

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