An Overview of Estate Planning

When a person passes away, they may have real estate property, personal property, or both. This is known as their estate. Estate planning law includes powers of attorney, drafting of living wills as well as trusts and other documents necessary to legally transfer and manage a person’s property after their death, and more.

Legal Terms
Certain key terms are important to know. These help people understand how the law applies to estate planning.

Intestate — This is when the deceased person did not make a valid will before their death.

Inheritance — This involves obtaining personal or real property from an estate under the laws covering a will or intestacy.

Real Property — This involves crops, land, buildings, or any type of resources attached to or part of the land as well as its improvements. It also includes any type of fixtures permanently part of the land as well as any structures on it.

Estate Planning Lawyer
Hiring an estate planning lawyer is a good idea in most situations but not all. This will depend on the complexity of an estate. An individual’s health and other factors must also be considered. It is common for people to need the services of an estate planning lawyer at some time in their life.

Legal Advice
Someone can work with an estate lawyer for a loved one or relative who can no longer handle their affairs. Once a couple has a family, they may want to create trusts for their children, and more.

Overall Estate Plan — An estate planning lawyer knows how to assess a person’s estate, ask about their life goals, and advise them of their options.

Trust — This is a fiduciary as well as legal arrangement where one party has the legal authority over another’s property as a trustee. This makes it possible for them to manage property on behalf of this person.

Living Will — This is a legal document stating the medical as well as end-of-life preferences of an individual if they are unable to communicate their wishes.

Wills — This is a legal document detailing how a person’s affairs and property are to be managed as well as transferred after their death.

Estate planning can help a person or a loved one protect their assets. It may be difficult to discuss, but it is a reality everyone must face. An experienced estate lawyer can create a plan to meet anyone’s needs.

Originally published at https://chartwestcott.org.