Have you and your spouse recently had the talk about what happens when one of you dies? This not-so delightful conversation leads to many questions and not so many answers. The good news is that you can get answers when you speak to an estate attorney. Estate attorneys specialize in document creation for end-of-life situations, transferring of wealth, wrapping up business affairs, and more.
If you've never seen an estate attorney before, you may wonder what questions are appropriate to ask or what questions you should be asking. Let's review some of the important details to remember when visiting an estate attorney for the first time.
Is A Will The Right Choice?
Wills are the most common estate planning document used today. They are also the most familiar. That doesn't necessarily mean it will be the right choice for you and your family's needs. Reasons you may want to choose a will could include having minor children or a significant amount of assets. You may also want to choose a will to stop disputes in your family and to lay the groundwork as to who gets what.
Can A Trust Be Beneficial?
With so many options for conveying property and assets, it might seem like you aren't really doing the right thing at times. Not to worry, if you work with an attorney, they can go over all the details and run scenarios to determine which is the best choice for your needs. Not everyone owns a business, and not everyone has kids, so creating a trust might not be the best option for your needs. A trust is typically beneficial to anyone that values privacy, wants to lower taxes, and also seeks to preserve their wealth for future generations.
What Are The Best Documents To Have After Having Children
You should always have a will prepared after having a child. This is critical to provide for them and ensure that they are taken care of when you aren't around to do so. A trust can hold the property for a minor child until they are of age.
When sitting down with an estate lawyer, you should have a good idea of what you want to discuss. Remember to know what assets you have before going in too. This will give you more information to discuss and have a clearer view of what you'd like to achieve with estate planning.