Every individual who owns assets and investments must plan to have an estate. The estate comprises everything that an individual owns like property, vehicles, jewelry, stocks, and other financial investments. What will happen to all this wealth after your demise? This is a crucial question to ask as the estate is a symbol of your hard-earned money. You will want your assets to pass on to the right people without any potential disputes arising in the future. This is why you need a proper estate plan. The plan will contain legal instructions on how and what part of the estate will pass on to which beneficiary. Hiring an estate law firm will help you through this stressful, emotional, and complicated process.
An estate law firm like Litvack Dessureault estate law will help in estate planning in the following ways:-
- Draft last will and testament: Last will and testaments are crucial legal documents that are helpful after your demise. It will contain proper legal instructions on how the wealth will be distributed amongst the beneficiaries. Estate law firms carry extensive knowledge in preparing wills. They will ensure the will is properly drafted, signed, and executed. They will also guide you in what clauses to be added to the document and what not. They will ensure that the will/testament will be passed on properly.
- Identify beneficiaries: The estate law firm will help you identify the right legal heirs to your wealth. They will advise you on which beneficiary will need what and how that will be beneficial in the future without any potential conflicts.
- Protect assets from creditors: If you are worried about your debts and what will happen to these debts in case of your death, you must hire an estate law firm. The estate law firm will ensure that creditors do not lay claim on your estate after your death. They will draft proper legal protections against these debt collectors.
- Avoid probate: Probate is a costly legal process that involves passing down your assets to legal heirs. A good law firm will ensure to avoid this process and the unnecessary legal fees that come with it.
There is often a myth surrounding an estate plan that only the rich can afford to have one. However, this myth should be busted. Every individual must have an estate plan as it is a key aspect of healthy financial planning. However, do not frame this plan on your own. You must seek the help of a reputed estate law firm to guide you through the legal process involved as well as act as a consultant for your estate plan in the future too.
