Life has never been easier to anyone. That’s why it is generally said that life is a struggle. However, we cannot deny that facing struggle and emerging out successfully is a beautiful experience in its own. Estate planning is a crucial decision of one’s life. You must be serious about it, unless it is too late.
Estate planning is a procedure wherein an individual does his or her best to preserve the wealth and assets he or she accumulates during life time. Recently, estate planning has gained much attention and press coverage worldwide. Apart from other fields in the law, trusts and estates have become some of the most rapidly growing areas of practice in the law. It includes, estate planning, managing your estate during life and disposing of your estate at your death through the use of trusts, wills and other planning documents.
Everything looks fine as long as we are young and energetic, but things started changing very fast (surprisingly on the worst side) when you become old. If this old person is your mother or father then it becomes utmost important to help them manage their estate during their lifetime. For example, your parents must have wished seriously to follow a practice that can offer them a successful estate planning scheme. A living trust is the first hope of defense for people with modest estate, is a living trust.
Undoubtedly, matters related to estates and properties are really complex to be handled by an individual. So, an estate planning lawyer would help you in planning a living trust for a reasonable fee. Make sure that you contact an experienced and highly qualified lawyer for this seemingly daunting task.
Living trusts are easy to understand but there are a hell lot of taxes and finance related intricacies to confuse you. An estate planning lawyer would help you overcome this confusion and let you plan a good scheme to preserve your wealth and assets for the future. Your parents must have always wished for an estate plan that would fulfill all their wishes related to preserving their wealth and assets for you. What they lacked was an assistance and counsel by a proficient estate planning lawyer. But nowadays things have changed in leaps and bounds. The online revolution has changed everything around us.
Remember, a living trust would protect all your assets from probate. You can also pass your wealth onto those you choose via adept counseling of an estate planning lawyer. A court usually makes these decisions in probate. As you know, there are several alternatives to a living trust that only your estate planning lawyer would be able to counsel you.
One of the most common alternatives is the joint titling of assets. In case, you desire to pass your house to your daughter, you need to put both your name and her name on title as joint tenants with right of survivorship. In case you die, the house passes to your daughter and this avoids probate. You can repeat the process with your bank accounts, brokerage accounts and even cars.
Let’s see the flipside. Joint titling can also be dangerous. In case, your daughter has legal problems, the assets with joint title would be liable for lawsuits. Another disadvantage of this alternative is that it is irrevocable. In case, things go nasty between you and your daughter, you would be stuck with here as a joint owner of your assets.
It would be best to contact an estate planning lawyer to find best alternatives to a living trust or any other concerns of your choice.