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Inheritance and wills are critical aspects of estate planning, a process involving the organization and distribution of an individual’s assets after death. Proper estate planning ensures that the individual’s wishes are honored and can help avoid the need for a probate lawsuit to handle final affairs and asset distribution.
One potential challenge that can arise in the inheritance process is a disagreement of distribution terms if a will was not laid out ahead of time. This can be time-consuming, emotionally draining, and costly as these disputes can take a long time to hash out.
In addition to wills, estate planning also covers things such as a DNR and power of attorney. A DNR is a directive that specifies an individual’s wishes regarding life-sustaining treatment. On a similar thread, a power of attorney grants a designated person the authority to make critical decisions on behalf of the individual in case they become incapacitated.
Testate probate refers to the legal process that occurs when an individual dies with a valid will in place. This process ensures everyone knows what is left to heirs according to the terms laid out in the final will and that all legal obligations are honored.
Life has a way of throwing surprises and unexpected obstacles in our way as we travel on each of our respective journeys. There is a lot to do, a lot to think about, a lot to handle, often on a daily basis. But having your affairs in order is something that can never happen too soon. It is also something that not too many people tend to think about or at least act upon if they do think of it. It can seem overwhelming, at times, to get everything in order and feel like you are on top of things. But it will always pay off to be prepared.
From living trusts to planning for retirement
The thought of visiting wills and estate lawyers might sound like a pretty big undertaking. But it is among the steps that can be taken in order to be properly prepared for any scenario. And heading to a professional instead of attempting to sort it out on your own will help you bypass many a headache in the long run. They are professionals for a reason, and should help make to the process much more painless. Whether you are looking into living trusts in order to avoid probate, or you are looking for guidance for what you want your retirement to look like, the right team of lawyers will be able to walk you through it all, answering any questions and addressing any concerns that may develop along the way.
Being prepared for every situation
Living trusts are just one part of having your affairs in order and keeping your assets and estate in a coherent, accessible state. While some people have a pretty good handle on what needs to happen, others need a lot of guidance. The fact that there are so many professionals in that line of work is a good indication that there is a high demand for that expertise.
People need guidance, and should have access to it. Over half of adults in the United States do not have any type of estate plan in place, such as a will. One survey asked participants to explain why they did not have a will set up. Around 18% said that they thought it was not necessary and 16% weighed in saying that it seemed too complicated to even begin. Another 14% said that their reasoning was the cost, that it was too expensive, and 13% admitted to the belief that a spouse or child would automatically inherit the estate.
Planning is important. Even if you don’t know where to start, there are people who can get you set up to get on the right path. Make sure that everything is in order so that you can have the peace of mind that allows you to truly live and enjoy life.
