Estate planning is necessary at nearly every stage of life, whether you are single, have started a family, or recently retired. An experienced attorney will simplify the process of organizing and settling personal and business matters while protecting your rights and best interests. Below are a few of the ways they assist.
How an Attorney Assists With Wills & Trusts
1. Ensure Wills Are Drafted Properly
Wills are an essential part of estate planning for adults who own property or have minor children. Parents use these documents to designate guardians and assets for their kids in case of their untimely death. People also assign real and personal property to loved ones, charities, and organizations, and name those they trust to carry out their wishes. A lawyer will ensure the paperwork is properly drafted; otherwise, it can lead to confusion, feuds within the family, or the state making these decisions.
2. Advise On & Set Up Trusts
Trusts shield property from legal claims, protect privacy, and preserve wealth for future generations. An estate planning attorney will review your situation and all the available options to determine the best fit. For instance, living trusts take effect during the creator’s lifetime, while testamentary ones begin after that individual passes away. If you’re a parent, you may want to use these documents and name trustees to manage assets for minor children until they reach maturity. Special needs trusts protect assets for kids and adults with various conditions, enabling them to receive government benefits without penalties. Pet owners can also create testamentary pet trusts to secure the care of beloved animals.
3. Prepare Documents
Certain documents, including a durable power of attorney and health care directives, allow individuals to appoint people they trust to make business and personal decisions for them if they become incapacitated due to illness or personal injury. A lawyer will explain which you need to fill out and ensure they are thorough and span all eventualities.
Estate planning gives individuals peace of mind. At Osborne, Tripp & Schmidt in Sparta, WI, the experienced attorneys advise adults of all ages in personal and business planning decisions. The skilled and compassionate lawyers prepare documents with professional care, ensuring their clients’ wishes are expressed clearly. Visit the website or call (608) 269-2400 today to schedule a consultation. Follow their Twitter for regular news and updates.