Estate and Business Planning Law Firm

Answer: An estate is property owned at the time of death.

It’s also known as the “estate” or “probate.” When someone dies, he or she will have an estate, which includes in it all assets that person owns at the time of death and any debts this person has incurred before his or her death. If anything from within a probate-administered estate goes unclaimed, then heirs to that property are entitled to that unclaimed property. Properties formerly owned by a deceased individual include bank accounts, personal belongings such as clothing, furniture and jewelry – even pets are considered under certain circumstances! Essentially everything they owned can be included in their final estate inventory if they don’t have a Will.

Answer: A living trust is a financial device that allows an individual to transfer his or her property, such as assets and debt, to someone else after death.

A living trust is a legal entity which the person creates during their lifetime, in order to provide for orderly management of their property after death. When properly created and funded, it avoids probate by transferring ownership of the property to two people or organizations (called “trustees”), one managing income from the property (usually called an “investor”) and one managing assets (usually called a “trustee”).

Answer: It depends on the situation of the individual. A simple will is usually enough for an individual who only has one property and a couple of bank accounts. However, if there are multiple properties, financial assets, and children from different spouses or relationships involved it would be wise to consult an estate attorney to discuss things like trusts and guardianships that might be needed in addition to a will.

A living trust can help avoid probate court by distributing your assets according to your own wishes during your lifetime. Your heir(s) will manage those assets on their behalf with guidance from you while they’re alive, but take ownership of all those same assets immediately at your death without contacting any probate court because you transferred them outside probate court using

Answer:
Asset protection is like a multilayered shield, used to defend your hard earned wealth. It involves buying and owning assets which are not easily seized or sold in order to protect your assets from creditors who may want to seize them and sell them off due to debt issues.

The benefit of asset protection is that this type of diversification can safeguard some part of an individual’s estate from being touched if he or she is sued by another person or when someone demands payment for something he thinks they are owed but in reality might not be. With these protections in place, it becomes possible for people with substantial estates to avoid the fate so many people face today where creditors have teams of attorneys tracing every penny trying to satisfy debt claims. Asset

Yes. If you are fortunate enough to have accumulated a substantial estate, then the need for an estate planning attorney is an absolute must.

An estate plan can help ensure that your property, investments and other assets pass on to those who will appreciate them in the way you wish–gifts of cash and personal property as well as valuable items from your home should be given away in meaningful ways that often couldn’t be accomplished without a legal framework; wills provide clear directions for distribution of cash, real estate or jointly-owned property; and trusts enable families to plan ahead when they can’t agree on what’s best after the owner dies. At our law firm we are experts not only at drafting will documentation but also at giving advice regarding implementation