Estate planning is a complex and technical field of law. Several lawyers claim to be estate planning attorneys, but only those who regularly practice estate planning know the procedure in and out. Therefore, before proceeding ahead with estate planning, speak to an experienced estate planning attorney Monroe, NC.
People have several questions regarding the subject when it comes to estate planning, as nobody wants their properties, savings, and other assets to go in vain. In this blog, we have answered all the common questions that people have regarding estate planning.
Before starting with the questions, one must understand that their estate consists of all personal and natural properties. Estate planning helps you select who benefits from your properties and to what extent.
- What is a will?
A will is a document that reveals your wishes about how you want your properties and other assets to be distributed. A choice comes into effect after the death of the estate planner. Moreover, a will allows you to name guardians for your children after you. However, a choice has to undergo probate.
- Can I make an estate plan myself?
Yes, you can make your estate plan yourself if your assets are simple and you wish to transfer your house or property to someone. However, if you have complex assets, you need to proceed ahead with the help of an attorney, as you may not be aware of the essential documents or procedures related to your complex assets.
- What happens if someone dies without making an estate plan?
This depends upon the state law. For example, in a particular state, the dead spouse is the sole receiver of all the assets, while in some states, the support may be distributed among children and the spouse.
- What is trust, and what are its benefits?
A trust is another form of document saying about who receives your assets. Making a trust is a complicated procedure and requires the guidance of an attorney. Moreover, unlike a will, confidence comes into effect immediately after signing and funding it. The following are the benefits a trust offers:
- It does not require a probate.
- It gives the estate planner complete control over their asset distribution and when they wish to distribute them.
- A trust has several forms and types, so you can choose the one that meets all your requirements.
- What is probate?
After the death of a person, their estate plan is handled legally, and their assets are distributed according to their schedule after deducting all the taxes. Probate is the official way of proving a will.