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Estate Planning Law Questions
Estate planning law deals with issues around distribution of a deceased person’s assets. An estate consists of all real estate and personal property as well as debts owed to others. Estate planning involves preparing in advance for your death or a health problem by deciding how to allocate your estate.
Although many people do not like to anticipate future health problems or death, it is important to make an estate plan while you are healthy and have the mental capability to do so. Once you no longer have the legal capacity to create a contract and make decisions, even if you make an estate plan others can successfully challenge it.
Estate lawyers help you decide how you want your property, insurance proceeds, and other assets distributed so that your preferences are followed, and to eliminate unintended tax consequences. Your estate plan also should address the guardians and trust funds to care for minor children, and the medical treatment you want or refuse to accept in the case of serious illness or injury. If you do not plan your estate and die, the state will disperse your property according to the state statute.
Even if you have an estate plan, if it is not well-constructed, there may be challenges by heirs, or unintended tax consequences. Estate lawyers can help ensure that the estate plan and will are properly constructed to carry out your wishes, as well as set up the right structure for your chosen executors to deal with the will.
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