What is Estate Planning?
If you have made the decision to appoint an estate and will planning lawyer in Bournemouth, you may already be aware that this type of legal expert is invaluable in assisting you with making important financial and tax decisions.
An estate and will planning lawyer in Bournemouth will be able to help you decide who will inherit your properties in the event you die. He or she will also be able to advise you on how to transfer your assets into beneficiaries and how to avoid creditors trying to collect money from your estate. In fact, a will and estate planning lawyer in Bournemouth can actually make life easier for your family if you should die. They can assist with creating a will or trust that will make it easier for your spouse and children to divide and access your properties and assets.
The estate plan will include the decedent’s final wishes, and allocations of property, financial support, and services to be provided. It is the last Will and Testament a person may make before death. It is required when someone wants to be considered mentally competent for estate tax reasons. It must be signed by the testator personally and notarized.
An estate planner should not be confused with estate planners, who prepare the personal details of an estate for a judge. Estate planning involves the physical and legal documentation of an estate. An estate planner can assist the attorneys who handle the estate when it comes to designing the plan. However, the attorney will draft the final plan, not the estate planner. Planning estate plans do not end at the filing of the last will and testament. Once an estate plan has been established, estate planning requires continuous involvement for the plan’s full term. There are situations where an estate plan may be in effect but the beneficiaries are not aware of them. For instance, when minor children die without informing their parents, the court appoints an administrator to handle the estate and ensure that the beneficiaries receive the proper compensation. Even when the beneficiaries know of an estate plan, they are sometimes unable to execute it. This is why it is so important to hire an estate planning attorney who is intimately familiar with state laws and procedures. This individual can explain in plain English, what the plan provides for the beneficiaries, and make sure that everyone understands the plan. If someone should die before knowing or having a chance to understand the plan, the attorney can explain in plain English, who is entitled to what assets are left behind, and what will happen to it once the person dies. Understanding estate planning is the key to making sure your family gets off to a smooth start in life, and is a part of estate planning that everyone should take the time to do.