Estate Planning is the management of someone’s assets or belongings while the person is still living. Estate Planning also provides for an organized distribution of assets after the death of a person. Estate planning provides the management and administration of the distribution of property and personal assets.
There are three levels of estate planning: A will, a living trust and intestate succession. A will provides direction and is a statement of command in the voice of the deceased that dictates asset allocation. A living trust is a form of estate planning that helps to manage the assets of a person who is still alive. A living trust provides clear instruction about end of life medical care, distribution of assets, etc. in the case of incapacitation. Living trusts are usually revocable. An intestate succession occurs when there is no will or living trust and the state must then decide how to distribute assets. Intestate successions are avoidable by using probate lawyers to create a will or living trust.
Trust laws are a set of laws that provide legal oversight of both personal and real properties, entrusted for one person to another person or party. A trust is a set of rights regarding property and personal assets held or reserved between one party or individual and another party. A party may be an individual, a group of individuals or an organization.
Probate is the legal process that distributes allocated assets according to a valid will. A probate attorney is a legal representative that helps client(s) to establish a will or a living trust. Probate Attorneys in some cases may also oversee the administration of trusts and may provide legal protection to the deceased estate. Probate Attorneys are helpful in assisting clients in the preparation of legal documents such as a will or trusts by helping clients to cover all potential legal issues associated with probate.
There are two basic types of probate lawyers. The first type of probate lawyer is one that helps to oversee an estate as well as to represent the estate during legal action. The second type of probate lawyer is one that represents clients who dispute the legal validation of a will or trust or object to how property is distributed. When choosing a probate attorney or lawyer it is important to pick a lawyer or attorney that has experience in the needed area of law.
While most people do not wish to dwell upon their own deaths, it is prudent to consider the fact that everyone eventually dies. Providing a last will or living trust helps to ensure that a persons wishes are followed in regards to asset distribution, in avoiding or lessening taxation and directing medical care when incapacitation has occurred. Providing a will or trust will alleviate the burden that families will face when they have to deal with intestate succession. Finding a probate attorney or probate lawyer to help construct a will or trust can make dealing with the inevitable a great deal easier