(Newswire.net — March 21, 2020) — Planning an estate requires expert legal advice. An Upchurch law estate planning attorney should be consulted if you are considering executing a last will and testament or protecting your assets. The role of the estate planning attorney is to advise the client on the best course of action with respect to asset protection and transition of assets from the testator to their beneficiaries at the time of their passing.
There are numerous factors individuals should consider when planning their estate. It is the role of the estate planning attorney to lay out the options before the client and explain the pros and cons of each. There is no one specific set of estate planning instructions that fit every client; every case turns on its own facts.
For some clients, a last will and testament is the proper instrument. For married couples or individuals that may only have one piece of real estate property to devise, a last will and testament is the best way to go. Husbands and wives will typically execute reciprocal wills. These wills leave everything to the surviving spouse. The surviving spouse then states they will bequest their estate to the children or other members of the family. This is the most common estate planning method for married couples.
For most individuals, life insurance, 401(k) accounts or investment accounts do not pass through the will. They have their own triggers and beneficiaries. The only other items typically included in a will are bank accounts, liquid assets, and collections such as stamps, coins, and guns.
Some individuals wish to avoid probate and inheritance taxes. These individuals typically have a number of real property holdings and/or believe there may be a contest to their estate. In these cases, an attorney will recommend that a revocable or an irrevocable trust be drafted. In this case, the property will be placed in trust for the beneficiary. The donor will make use of the property during their lifetime and the property will pass to the beneficiary by operation of law at the time of the death of the donor.
A trust avoids the necessity of having to probate a will at the county Surrogate. It also is not subject to contest in the same fashion that a will can be contested.
No matter which of the above suits your purpose, it is the role of the estate attorney to properly guide and advise the client. Each instrument carries with it separate rights, responsibilities, pros, and cons. It is not a one size fits all proposition by any stretch of the imagination.
Selecting the proper Upchurch law estate planning attorney should be conducted with due care and consideration. It is recommended that you review prior client testimonials and interview a number of attorneys before selecting an attorney to plan your Estate.
Estate planning is a complex field of law and asset protection should be approached seriously. You have worked hard to accumulate assets during your lifetime and only the finest Upchurch law estate planning attorney should be chosen to memorialize your final wishes into the appropriate legal instrument.