Upon death, the real estate and personal belongings that a person owns make up their estate. To make property transfer and management easier after death, estate planning lawyers write living wills, trusts, powers of attorney, and other legal papers.
When estates are not properly handled, and a person passes away without leaving a will, their belongings are given to their closest relatives. The person loses control of their estate and does not influence how the property is distributed if they don’t have a will or other estate planning.
Terms to Know When Planning an Estate
To comprehend estate planning law, it is important to learn a few fundamental terminologies, such as the following:
Unable to dispose of property through a valid will after passing away; intestacy
Advance Directive: A legal document (such as a living will or durable power of attorney) that outlines a person’s preferences for medical care in the case of incapacitation.
Probate: The formal process through which property is distributed after a person’s death, particularly when there is no will.
Real property includes any land, structures, crops, or other resources that are still affixed to, contained inside, or improved upon by the real property and any fixtures that are indefinitely affixed to the real property or a structure on it.
The act of inheriting, as the acquisition of real estate, is called.
Do You Need a Lawyer for Estate Planning?
Practically everyone may at some point require the services of an estate planning attorney, depending on the complexity of the estate, the person’s health, and other reasons. People may work with a lawyer on behalf of a loved one or family who cannot handle their affairs. After having children, some families choose to establish trusts, a legal document that functions like a will and aids in managing assets before death. A few frequent justifications for hiring an estate planning attorney include the requirement to:
Trusts: A legal/fiduciary arrangement in which one party acts as the trustee and holds legal title to another party’s property on that party’s behalf; similar to a will, but with instructions on how assets are to be transferred or used during life (for instance, children may inherit certain assets before their parents pass away).
Wills: Legal documents outline how a person’s assets and affairs will be distributed and handled after death.
Living Wills: Legal documents that outline your end-of-life and medical preferences if you cannot express them.
A Comprehensive Estate Plan: When working with clients, estate planning lawyers frequently do a more thorough assessment of the client’s estate, inquire about preferences and life goals, and provide options advice.
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