When my husband I decided to start a business, we didn't think about the legal aspects of doing so. We didn't realize that purchasing business insurance, getting building permits and making investments all required some type of legal advice. But after speaking to a close friend, who also happens to own a small business, we contacted a business attorney. Now, we have the legal smarts to make the best decisions for our business, as well as the legal representation in case something happens to our company. I hope that you find my blog helpful and informative for your own business. It's a great resource for finding the legal advice, resources and guidance you need to get your company up and running.
If you are starting to think about planning your estate, you should follow through with these thoughts by meeting with a will and trust attorney. Leaving this world without a plan creates challenges and problems for your family that you can avoid by acting now. If you do not have an estate plan yet, here are two vital things you should know.
The Problems If You Die Without an Estate Plan
If you die and do not leave an estate plan, your family will encounter many challenges. When a person dies without a will or plan, lawyers and courts call this intestate. Intestacy is a problem when this occurs because the family and courts have no written document to use to settle the person's estate. Therefore, the case must go to court for answers. Probate court is the court that people use for this purpose, and the probate court relies on the judge making the decisions about a person's estate. If you die without a plan, you will have a judge making the decisions for you. Is this what you want? If not, you should create an estate plan.
The Tools to Include in Your Estate Plan
Most people can use only two tools to create an effective estate plan. The tools are a will and a trust. These tools are similar yet different, but they are equally important in an estate plan.
A will is a document that you write to provide your family with the details they should know about your wishes. Your will includes details about who you would like to give your assets to when you die. It may include information about who will care for your kids if you die. It may also state your wishes about your funeral and method of burial.
A trust is the second tool you should consider creating for your estate plan. A trust is something a lawyer creates for you to use to ease the steps of asset-transfer when you die. With a trust in place, your family will not have to go to probate court to transfer your assets to the beneficiaries you list on your will.
Do you understand the importance of planning your estate before you die? If so, you can seek help for your estate planning needs by contacting a law firm specializing in wills and trusts. A lawyer can help you choose the right tools for your situation. Reach out to a will and trust law attorney in your area.