Did you know that in order to become an attorney in the United States, one must first earn a bachelor's degree. They must then apply to and get accepted to a law school, where they will spend three to four years studying law, specifically. They then have to pass a bar exam in order to legally be allowed to practice in their state. It's no secret that lawyers are well-educated, and they can get the job done when you need them to. Rely on a general attorney for your legal and representation needs, and dig into this blog to learn more about the profession.
It's Never Too Early: How To Get Started On Your Estate Planning
If you're getting started on your financial planning, don't forget about your estate. You might not realize it, but estate planning is a crucial part of financial management. A solid estate plan protects your assets. It also makes sure that those assets are distributed according to your wishes after you're gone. An estate plan helps you provide for your loved ones after you pass away. It also reduces the risk of family conflicts. If you're not sure how to create an estate plan, read the list below. Here are some steps you need to take when creating your estate plan.
Get Started on Your Will
If you're young, you might think you can wait to get started on your estate planning. That's not the case though. It's never too early to get started with your estate planning. That's especially true where your will is concerned. Without a will, you can't control how your assets will get divided once you pass away. You might not have many assets right now, but that will change. You can update your will as your circumstances change over the years. This first version of your will provides a good foundation to start with.
Protect Your Property
If you want to keep your assets out of court once you pass away, now's the time to add trusts to your estate plan. Trusts are a good way to keep your will out of probate court. That's because you can set everything up ahead of time. That includes how your assets will get divided, and when your beneficiaries will have access to the proceeds. This is especially beneficial if you want to pass a home onto your family without worrying about inheritance taxes. If you put your real estate holdings into a trust, your family can start using them right away. Plus, they won't need to pay taxes on the property.
Choose Your Team
If you're ready to get started on your estate planning, don't forget to pick your team members. You'll need people you trust to handle your estate once you're gone. You may think you only need to identify your beneficiaries, but that's not the case. You'll also need an administrator to oversee your estate and a guardian for your minor children. The guardian ensures that your child's financial interests are protected once you're gone. You should also appoint a durable power of attorney and a medical power of attorney. These people help make decisions on your behalf if you become incapacitated.
Contact a local estate planning lawyer to learn more.