Estate planning is a crucial part of your financial plan. We as individuals possess many assets over the years like homes, cars, property, financial investments, money in savings accounts, real estate, etc. But we often ignore the fact that what will happen to these personal assets once you pass away or are incapacitated. You must be responsible and plan ahead on how your assets will pass down to your loved ones after you are gone. You do not want your family to get into a dispute just because you did not plan the division of your assets properly. A will planning lawyer will help you draft a will that will mention everything about how your assets will be passed on and to whom and how.
Here are a few responsibilities a San Antonio will planning lawyer has in working with you on your estate plan.
They will address all components of your estate: It is often assumed that a will is created to pass down personal property and assets to loved ones. However, you can include all kinds of assets and terms and conditions in this legal document. A will planning lawyer will make sure that you include every component of your estate so that no future disputes arise during the probate process. Some of the components are – naming the executors of the estate, assigning guardianship for minors, and leaving behind certain money for charity.
Ensures everything is legally binding: A will planning lawyer will make sure that the draft will is legally binding and will hold up in court. They will do a thorough review to ensure that the document is legally binding. The state law governs estate planning and has very specific rules governing the probate process too. A will planning lawyer drafts the will that fits the template of the state law.
Reduce tax burden: The tax implications will depend on the size of your estate. These tax implications will be imposed on the beneficiaries. However, a will planning lawyer will devise strategies for reducing the tax burden on your family as per the law.
Protect your own interests: A will planning lawyer will also help draft documents that protect your interests even before you pass away. Such documents can become a part of your will. For example – A healthcare power of attorney will allow someone else to make a decision about your health in case you are incapacitated.
Planning a will or trust is a very personal thing. A great will planning lawyer will form a bond with you to understand you and your family and how the family dynamics work at your place. Based on these, they will carve out the perfect will for you that will give you and your family peace of mind.