LA Probate Law and Why You Need Estate Planning
For many years you have enjoyed having those you love around you. They have been a part of your life and have actually helped to make your life enjoyable. You have discovered that your happiest moments were at times when you were with them. Through the years, they have enjoyed a little bit of the wealth you have accumulated, and now you would like to give it to them when you die. It is even possible that you may have actually promised that they could have certain of your possessions at that time. Even though they know you must die before they can have it, they are looking forward to getting that item or items you promised. Although you have a Will, it is possible that those items that you have promised to give may not actually end up where you promised. Good intentions are not always good enough. It is not too unusual that a Will is sometimes nullified, or gets contested successfully, and then none of those plans of yours are carried out as you intended. Successful estate planning sometimes needs a lawyer to help ensure that everything is in proper order. Scott Schomer at LA Probate Law knows the ins and outs of the law and can help you achieve your estate planning goals.
Why You Need Legal Help To Write Your Will
A document as important as a Will should not be written quickly, or without legal advice. This is especially important if you think that it might be contested or if there are a lot of possessions involved. Generally, the more possessions there are, the more likely you will see people try something to make a grab for a share. Although many attempts at contesting a Will fail, not all of them do. The process of contesting a Will can definitely slow down the process of probate, and it may cause there to be a lot of hard feelings between members of a family, or among relatives who feel slighted. Working with an estate planning lawyer, such as Scott Schomer at LA Probate Law, will help you to make a Will and other documents that are much more likely to stand against challenges in court – even when they are contested. Although it takes a little more time and money, your loved ones will be glad you made the effort to ensure that your assets are placed into their hands. It is important to remember that if a Will is tossed out as being either invalid or fraudulent, that all the assets controlled by the Will are put into your estate and will be divided up as the court decides, and that estate taxes will need to be paid on those assets, too, if your estate is large enough.
An Attorney Can Provide Professional Advice
Another reason why you need an estate planning lawyer such as LA Probate Law to help you plan your estate, is because it can help put so many more assets directly into your loved ones hands. Even if you are aware of a number of estate planning tools, such as trusts and partnerships, to help you achieve your goals, it is very possible that you do not know all the tools or the latest laws that pertain to those instruments. These laws change frequently and if your paperwork does not reflect them, then they could be rejected as well. This makes it not only important to set them up properly, but it also is just as important to review your estate planning documents on occasion and possibly update them if necessary. An estate planning attorney may also know of a tool that may work even better for your needs, or know just how to word it more precisely so that there is no confusion about what is meant later on when needed most.
An Attorney Can Help You Save More Money
Depending on the size of the estate, it is quite possible that an estate planning attorney, such as LA Probate Law, can help you discover ways to save even more of your hard-earned money. With the right tools, you can bypass the largely unnecessary Federal and state estate taxes with much of your wealth intact, and this will enable you to pass more of your estate on to your heirs.
Legal Advice Can Help Protect Your Assets Against Challenges
When a considerable amount of wealth is involved, there are often relatives or even family members that either want to be included (who were not), or they may want a larger share than what you intended them to have. Sometimes, a divorce and remarriage may mean that suddenly there are new people who may want to try and grab a portion, too, or even all of it! In other situations, you may have children that just are not responsible enough to handle money well, and some kind of oversight may be needed. It is also possible that you will have young children when you die and they will need to be provided for by a responsible individual. By working with an experienced lawyer, you can build into your estate planning tools certain protections of your wealth to ensure that it is protected against people who you don’t want to get a portion of it, such as creditors, children of other marriages, etc. In the case of an irresponsible adult, you can create a spendthrift trust, which enables their bills to be paid for them, but does not put money directly into their hands. This can be great for the immature, the disabled or mentally handicapped, or for an alcoholic or drug addict. Other documents such as an advance health care directive and a durable power of attorney will also help protect your assets. For more help in estate planning, talk to Scott Shomer at LA Probate Law.