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Assistance With Estate Planning

Time To Devise An Estate Plan

An estate plan declares how a person's assets will be distributed after their death, or in the event the person is mentally incapacitated by using financial powers of attorney and living wills. An individual's estate can include the following:

  • Real estate
  • Investments
  • Bank accounts
  • Furniture, jewelry, clothing
  • Any household item

Estate planning is advised, as it is a way to properly determine the distribution of assets, as well as instructions on how they should be preserved. It is also a wise way to secure one's own healthcare demands and maintenance of the assets if it reaches the point where the person cannot care for him or herself anymore.

Estate planning requires thorough legal representation to insure that every point of concern is addressed and all assets are accurately distributed. A lawyer from Price Law Group can offer you legal guidance throughout the entire process, finali ze the necessary documents and ensure that the estate plan is official and in accordance with the state of federal laws. The firm's experience with bankruptcy and every facet of financial planning will give you the protection you need to secure your est ate plan.

About Wills & Trusts

There are two basic forms of estate plans: will-based and trust-based plans. Depending on the number of assets and their value, some require more complex plans, and will devise an estate plan consisting of both types.

A will is a document created to distribute assets to the designated beneficiaries. It also indicates the guardianship of minors. Will proceedings are as follows:

  • The will is created during the life of the testator, and relayed to a personal representative or executor.
  • Upon the testator's death, the will goes through probate, a process where the court verifies the validity of the will (ensures legal formalities were followed and respected).
  • The executor distributes the estate to the beneficiaries, as well as the debts owed by the estate.

Planning for the Future

A trust is also a document that defines how the assets will be distributed. It is a transfer of property entrusted to a person, the trustee, to care and manage the property per the instructions of the trust. Living wills and power of attorney are also wise measures that protect an individual unable to care for oneself anymore. A financial power of attorney will control the finances of the incapacitated individual until that person's death. Advance health care directives are also commonly used for making medical decisions in the instance the individual can no longer make them. Only a skilled and experienced team of attorneys can protect the future of your estate.

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