Losing a person close to you is hard. What comes next is also just as equally hard. A bit less on the emotional aspect and more on the legal side of things. The age old question as to where the deceased’s belongings should go to.
Legal battles have been fought, won, and lost throughout the years just because no one was really sure as to what will go to whom, these legal battles might take weeks, months, years or even a lifetime to finish, not to mention possibly losing all life savings. In order for one to avoid this, an estate planning lawyer danvilleca might just be in need to help solve this issue.
What is estate planning?
It is basically the process of arranging the person’s belongings as to which will go to whom after that person has died. It’s a more legal way to go about things. Yes, there might be a will written but a will is just a legal document on paper and is more often than not quite confusing as to what will go to whom. Estate planning is a more detailed and ironed out version of the will.
Why does one need estate planning?
Most family members quarrel over inheritance, sometimes ending in lawsuits, violence and cutting of ties. In order to avoid situations such as these, estate planning is needed in order to ensure that the assets of the deceased will go to whoever it is rightfully intended to receive it.
Also, setting up a trust is one way to go about things. It lessens the estate taxes the beneficiary may receive upon the transferring of assets.
The benefits of having a trust fund
Setting up a trust is a possible solution to minimizing some (if not all) of the estate taxes that are accumulated when one dies. A trust may allow a person to allocate his or her legal title of his or her property and assets while still alive to any person he or she may deem fit.
This act gives the person withthe authority to give out the assets as soon as possible to beneficiaries based on the agreement written in the trust. Probably one of the benefits that a trust has is that the court is not involved so it means that there will be no additional legal fees to pay.
Estate planning plays an important role as to who gets what from whom. This way, the assets (as well as the debts) of the deceased will go to the person that is chosen to get it.