e advantages of estate planning are that it eliminates the uncertainties of administering probate, maximizing estate value by cutting down on the cost of taxes and other expenditures as well as the possibility that there will be a legal challenge to the estate. The two elements to an estate strategy which receive the most attention are a will and a trust.
A will prior to dying allows you to decide who will inherit your property following your passing. Name your executor and a guardian to minor children. They will oversee your estate and manage the probate process. The will is not legal binding only after the death of the person who made it.
Trustees are given the ownership of your entire assets, including real property. If you die and the trust is liable of distributing your assets according to your directives. Estate planning isn’t easy, however an elder law lawyer can help you make the decisions to make as well as the tax implications of managing and settling your estate. nni9ax68xv.