Estate Legal Network is an online platform that offers estate planning services to individuals seeking to create a will, trust, or estate plan. Estate Legal Network aka EstateLegal.com works with estate attorneys licensed in all 50 states.
Estate Planning: What Is It?
The preparation of actions intended to manage a person’s financial circumstances in the case of their incapacitation or death is referred to as estate planning. In addition to other concerns like minors’ and pets’ guardianship, the planning covers the bequest of assets to heirs and the payment of estate taxes and obligations. Most estate plans are created with the assistance of an estate law specialist lawyer. Creating wills, reviewing accounts, and documenting assets and debts are some of the common procedures in estate planning.
Trusts are legal structures that safeguard assets and guide their use and disposal according to the wishes of their owners. While trusts can be used both during and after the creators’ lifetimes, wills only come into force upon their death. Wills and trusts can be used alone or in conjunction for efficient estate planning.
Estate Legal Network provides a wide range of legal services to families and individuals who wish to protect their legacy.
The Procedure for Estate Planning
Determining an individual’s posthumous asset preservation, management, and distribution is known as estate planning. The administration of a person’s assets and financial commitments in the case of their incapacitation is also considered. An estate may consist of a variety of assets, such as homes, cars, stocks, artwork, collectibles, life insurance, pensions, debt, and more.
Despite popular belief, this is not a tool only for the very affluent. Everyone ought to think about estate planning. You may start estate planning for a number of reasons, including protecting family wealth, supporting a surviving spouse and children, financing the education of your children or grandkids, and giving your legacy to a nonprofit organization.
Preparing a will is among the most crucial actions. If you need help to plan or prepare your estate, contact our friends over at EstateLegal.com today!
Putting Together a Will
A will is a legal document that specifies after death how a person’s assets and, if any, custody of minor children are to be managed. The person states their desires and appoints an executor or trustee they believe will carry out their expressed goals.
If a trust should be established after death, it is also indicated in the will. A trust may be established through a living trust while the estate owner is still alive or by a testamentary trust following their death, depending on their wishes.