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What is estate planning?
Estate planning is a generic term for sorting your financial interests before your death. Your estate relates to everything you own at the time of death, encompassing everything from real estate to personal property such as belongings, cars, etc.
An estate planning lawyer will help you understand what is involved in an estate plan, including the appropriate documentation for your situation. Typically you’ll need a lawyer to help you draft a will or trust (or both).
What’s the difference between a will and a trust?
While both may be essential to a rigid estate plan, there are a few key differences between wills and trusts.
A will is a legal document that details an individuals wishes surrounding the distribution of assets. There are two main kinds of wills: a living will (which provides instructions should you become incapacitated) and a last will (instructions as to what your beneficiaries receive after you die).
A trust is not registered with a court, meaning the details of your estate will remain private. This means that the assets of a trust can seamlessly be transferred to beneficiaries. There are two main types of trusts: discretionary trust and testamentary trusts.
Why do I need an estate planning lawyer?
Although wills and trusts can be created without the assistance of an estate planning lawyer, it’s important to note that these documents are some of the most important that you’ll ever sign! Given what is at stake, it’s worth getting assistance just to make sure you’ve got everything covered.
How much will an estate planning lawyer charge?
Typically estate planning lawyers charge by the hour, meaning that things can get expensive fairly quickly.
All of our estate planning lawyers work on a fixed-fee basis, ensuring you’re always aware of the financial expectations. We’ll provide you with fixed-price quotes to help you pick the most suitable lawyer for your needs at a price that works for you.
What’s the end result?
An estate planning lawyer will provide complete peace of mind once the review and amendment of your documents is finalised. This will ensure that your best interests are always kept at heart.
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