People work hard their entire lives to accumulate wealth. They make decisions regarding their money in hopes of leaving a legacy for their children. Many parents strive to help their children live a better life than they did. They’ll do anything the can to help their kids avoid the struggle they went through to get the things they have. This can all fall apart if the parent dies without an estate plan. Without a written, valid plan, the probate court will make decisions based on the state’s rules. In many cases, this does not result in the outcome a parent had hoped for their children.
By working with an Estate Planning Attorney, a parent may be able to plan out their estate without a lot of stress. In fact, with the help of an attorney to answer questions and give advice, estate planning could be relatively painless. At a minimum, every parent should have a last will and testament. This is the document that names a guardian for minor or disabled children. Without this in writing, the probate court will have to appoint a suitable guardian and it might not be the person the parent wanted for the job.
Older parents should consider adding a revocable trust to their estate plan. An Estate Planning Attorney could help set up the trust and give advice about the right way to use it based on the client’s goals. Parents who want to have control over how the money they earned is spent by their adult children may be able to set up a special managed trust that allows them to make sure their children reach certain milestones in their lives before they get their inheritance.
Although there are plenty of estate planning templates online that people can fill out by themselves, the professional assistance of an experienced attorney could ensure the documents are filled out correctly so they are valid when they time comes to use them. Parents who are interested in setting up an estate plan for their family can visit website to learn more about the process and get in touch with an experienced lawyer.
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