A person’s estate is the summary of his or her material possessions to be distributed upon that person’s passing. And as with most major life procedures nowadays, there are laws and helpful legal teams and professionals with experience, and all of this can help an adult prepare his/her will and ensure that his/her estate is in good hands.
A Law Team For Your Estate
Those professionals who can handle an individual’s assets and estate are a law team, with one such person being an estate planning attorney. According to HG, these lawyers have plenty of ways to help a client get everything in line. This attorney can both advise the person on their options for handling their assets, and carry out actions by law to get the job done. Some of these duties may include reducing or eliminating an estate tax and ensuring that the estate is distributed as intended among family members. In fact, a law team can prevent the inheritor’s creditors from claiming money or assets, so the property is safe no matter who has it. Aside from all this, a law team can protect the client’s business interests and partnerships, plus retirement plans and insurance policies. A client’s money and assets can go in many different directions for just as many reasons, and a good law team, or even just one estate planning attorney, can ensure a sensible and desired transfer of assets, however many or few there are to deal with.
Clients by the Numbers
Having a will is an integral part to managing a private individual’s estate and manage the asset distribution. This document makes a law team’s job much easier, especially with creditors or ambitious family members with designs on the deceased’s assets. The truth is, while some have the foresight to write their will and have an estate planning attorney help out, there are plenty more individuals who do not go through this process at all. The reasons are varied.
Those under 65 sometimes fall short of having a will prepared for their estate. Among Millenials, those aged 18-36, %78 of them do not have a will. There are similar numbers among those of Generation X, aged 37-52: 64% of them do not have a will, either. Parents of children under age 18 have a 36% rate of writing a will. There are racial divides, as well: 68% of African-American adults do not have their own will, and 74% of Hispanic adults do not have one. For some individuals, mere procrastination is the reason they have not drawn up a will (with or without a law team), and 29% of total people without a will have not written one because they don’t even think they have enough assets to both with the process. A probate filing fee can be hefty, so if a person lacks major assets, they may be further discouraged from this process. However, passing away without a proper will and the assistance of a law team can lead to complications of handling one’s assets, especially if the deceased had minimal or no skills or guidance in handling their estate, from money to their car to antiques. This can complicate matters for surviving family members, so for their own sake and that of others, an adult without a will could look into hiring a law team or just one estate planning attorney to set the paperwork in motion.