Developing an estate plan is a convenient way to pass down your assets to your children. With the help of an estate planning and living trust attorney, wealth, property and other assets can be distributed quickly, often without the need for probate. The estate planning decisions you make now will affect your heirs in the future. And with advice from an experienced legal team, you can ensure your children are safeguarded after your passing.
There is no bigger peace of mind than knowing your children would be taken care of if you were to pass away suddenly. We don’t always have the luxury of knowing when we will die. That is why having a firm estate plan in place is such a necessity. The team at Lucé Law, PC is happy to assist you in putting together a sound estate plan through either a living will or trust, to ensure your children are financially secure after your death. Here is how it works.
The Inheritance and Estate Planning Process
Comprehensive estate planning can protect your assets and your heirs. Here is a quick look at how the process works.
Schedule a Consultation
The first step is to schedule a consultation with one of our experienced estate planning attorneys. Before your meeting, write down your questions and concerns so you can get answers during your meeting. You will meet with the attorney for a brief half hour or so to discuss estate planning. The attorney will make recommendations based on your assets and explain the process moving forward.
Creating Your Estate Documents
Depending on the type of estate plan you choose (will or trust) will dictate the paperwork and process you will go through. A will and trust have similar paperwork that you will need to follow. Think about which of your children will inherit what. You will need to know how your assets will be split amongst your kids, and if there are any specific gifts, who do they go to.
You Can Change Your Mind
A common misconception people have about wills or trusts is that once they are signed, they remain the same. You can change your will or trust, as long as they are revocable. There is a very limited situation in which your trust or will would be irrevocable during your lifetime, and your attorney would explain those circumstances fully.
Include Guardianship Details
Depending on the age of your children, you may also decide to include guardianship details in a will or trust. A trusted third party can manage your estate until your children become adults or reach a designated age. It may also be necessary to use wealth from the estate for the children’s upbringing, and your will or trust can outline this process.
Consider Tax Implications
Tax obligations could amount to a significant portion of your children’s inheritance. Fortunately, by working with an estate plans attorney, you can consider tax scenarios in advance and structure the estate accordingly.
Protect Your Assets With a McKinney Estate Planning Attorney
At Lucé Law, PC, we help clients with estate planning, asset protection, wills, trusts and other services. If you would like help passing your assets to your children, our legal team will develop a personalized plan. Call (972) 632-1300 or request a free legal consultation today.