Why Proper Estate Planning Is Imperative

Estate lawyers are attorneys who perform a specific function in law: executing a person’s will. Wills are legal documents that provide the instructions and conditions for an estate. In general, a will is drafted by a person who is alive. However, it can also be drafted by a close family member or a trusted associate if the person has died. In many cases, both parties involved in the drafting process will sign the document, called a “wish list.”

Estate Lawyer Adelaide from ScammelAn estate lawyer Adelaide from Scammel represents a client who has executed a will. Lawyers assist individuals and couples in various scenarios involving wills and probate. Estate-planning attorneys also advise their clients on how to execute a will properly. The attorney’s role is usually to assist a client in organising his or her financial affairs to ensure that the patient’s estate is properly distributed to the beneficiaries per his or her wishes upon his or her death.

One of the major issues estate lawyer Adelaide from Scammel work on is the distribution of inheritance assets. This occurs when the deceased has left instructions for how their assets will be handled after their death. For example, some wills allow for specific lifetime trust beneficiaries to hold title to bank accounts, brokerage accounts, and other financial assets. The other will specify which assets will pass down to children or relatives and which ones will be kept by the heir.

In addition to handling the distribution of assets, estate lawyers help clients plan how they will spend inheritance money. For example, some people want to make a charitable gift within their estate. Under state probate law, attorneys can help their clients form a revocable living trust. These trusts allow their heirs to use funds within the trust for their lifetime needs without worrying about paying estate tax.

Estate lawyer Adelaide from Scammel can also help clients make sure that their loved ones receive appropriate medical care after they pass away. Several ways exist for people to pass away, such as through illness, natural causes, suicide, accidents, or others. If no estate lawyer is involved at all in making sure that a person gets the healthcare he or she needs, the legal system can leave them with a large sum of assets that have already been accumulated and must be divided up amongst family members. Unfortunately, many people will not take the time to set up an estate law firm and pass away without having their wishes known or having their finances prepared for their funeral costs. Without the guidance of an estate lawyer, family members could go into a bankruptcy proceeding, which can mean further financial difficulties for survivors and creditors.

Proper estate planning is essential for anyone who dies without leaving a will. If no will exists, the state probate laws will determine who inherits the deceased persons’ assets, including real property, bank accounts, brokerage accounts, and so forth. If proper planning is not in place, estate taxes can be levied on the deceased’s estate, and personal assets can be subject to unfairness and even take over inheritance monies.