For many leaving clear instructions about money, real estate and child care are important concerns.
Preparing detailed instructions for loved helps avoid family disputes, confusion and gives closure after passing. These instructions take the form of a will or trust. Otherwise, your property is distributed according to rules of intestate succession without regard for any desires you may have communicated to your loved ones during your life. This process is normally known as the feared word Probate.
CMW Law attorneys have helped clients secure peace of mind through estate planning. The process starts with setting your goals for passing on your property after you pass. We create a comprehensive estate plan based on achieving your goals in the most efficient fashion.
Importance of Wills
After you pass, your will shall be the effective communication of your final wishes. In drafting your final wishes we will work with you to avoid omissions and ambiguities which could result in disagreements among beneficiaries or confusion for family members.
Without clarity a family member or beneficiary feels may contest a which could become very expensive. In fact it could cost thousands in legal fees. At CMW Law we will use our knowledge of drafting and experience with the applicable laws to ensure estate plan is followed according to your goals.
Not all property is subject to probate, and one of the keys to effective estate planning is removing as much property from the probate estate as possible. Examples of non-probate property that transfers to your loved ones automatically and without court intervention include:
- Life insurance proceeds
- Bank and investment accounts with a named beneficiary
- Jointly held property
Often jointly held property will be the greatest help many avoiding probate. However, avoiding probate does not prevent that property from being counted for estate tax purposes and can have other tax implications as well. Our estate planning attorneys will help plan your estate to reduce cost for your beneficiaries down the road.
Using Trusts to Accomplish your Goals
A trust is a legal device by which an individual takes possession of property donated by another and manages it for the benefit of others subject to any limitations that the trust’s creator imposes. Trusts are diverse tools that estate planning attorneys can help you use to accomplish your goals for the estate.
Trusts can be useful for estate tax planning and help protect assets for family members who are disabled, too young or otherwise unable to handle money. Certain types of trusts can also be used to protect assets while accomplishing your goals.