Many people do not think about estate planning until they start to get a bit older with retirement starting to appear over the horizon. Although it is advisable to have an estate plan in place as soon as you become a responsible adult, better late than never, as they say. But when you do start to think about the future there is more to consider than simply sitting down and writing out a will, which is what many people think estate planning is all about.
A will is only one of the ways that you can transfer assets to your loved ones after you pass away, and it is not always the best way. When you utilize a will as your primary vehicle of asset transfer your estate must pass through the process of probate. Probate does provide certain protections, but on the other hand it can be expensive, time-consuming, and it is public. Many people would prefer to keep their final affairs private and do what is necessary to prevent will challenges.
Estate planning attorneys have a number of different tools at their disposal that they can use to transfer assets in the most efficient way possible. The correct combination of these vehicles of transfer vary depending on the nature of the assets involved and the specificity of your wishes. This is why it’s so important to retain an estate planning attorney when you’re planning your estate. He or she will listen as you explain exactly what you want to accomplish with your legacy and then recommend the appropriate course of action.
There are many different areas of specialty within the law, and it takes a lot of time and acquired experience to become an estate planning expert. Passing along your assets to your loved ones is an extremely important matter, and it is something that should only be entrusted to a licensed, focused, and dedicated legal professional.