Estate planning is an agreement where a person specifies that they will manage and inherit their assets in the event of their death or incapacity. Estate planning allows you to dictate how your hard-earned money is divided after death instead of leaving it to state law. In addition, it facilitates a seamless transition and may spare your heirs from paying disproportionately high taxes on their inheritance. While living trusts, wills, and power of attorney agreements are among the numerous estate planning tools found online, nothing compares to working with a well-experienced estate planning lawyer familiar with these legal documents and their subtleties.
Need an estate planning attorney? Look no further than The Fraser Law Firm, LLC. We at The Fraser Law Firm, LLC know how important it is to safeguard your legacy and provide you and your loved ones peace of mind. We handle everything, including beneficiaries, power of attorney, and trusts. Our goal is to ease your burden and provide you with comfort. Give us a call right now to begin creating your estate plan.
Hire a Committed Estate Planning Lawyer
Contact The Fraser Law Firm, LLC at (843) 681-9111 Today!
The Essential Benefits of Hiring an Estate Planning Attorney
Below are the advantages of hiring an estate planning lawyer:
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Avoiding Probate
One of the main reasons to work with an estate planning lawyer is to avoid probate. Probate is the legal process by which a court settles disputes among beneficiaries, pays debts of the deceased, and manages an estate following death. Probate law is a costly and time-consuming process. Probate proceedings can be expensive, especially involving real estate or company assets. Depending on your circumstances, legal fees for attorneys and other professionals engaged in the process may also be substantial.
Property transfers to beneficiaries require probate. However, suppose you don’t have a will or other instrument specifying who receives what after death; state law determines how your assets are divided. You may need this realigned with your objectives or preferences for transferring wealth and belongings.
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Putting Your Affairs in Order
An estate planning lawyer will assist in inventorying all of your possessions. You will need to prepare a checklist of all your bank accounts and credit cards, the addresses of any other assets you may own (including real estate), and details regarding any retirement accounts. If you own a business, a lawyer will review corporate paperwork or partnership agreements outlining the organization’s structure.
You are sorting through belongings you jointly hold, and an experienced estate planning lawyer can aid those in your name alone. For instance, someone else could claim real estate ownership if you only have a life estate after you pass away. Understanding the value of each asset is crucial when deciding how much money should go to the executors of a deceased person’s estate. It will clarify who gets what proportion of assets.
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Safeguarding Your Heritage
If you’re anything like most people, you want to establish the correct people to inherit your legacy. Estate planning is the key to achieving this. It entails legal action to establish that the appropriate parties inherit your money, property, and other assets after your death. You can decide who receives what after your death by forming a will or trust with the assistance of an estate planning attorney. In addition, these agreements specify how they are to be divided among the people or organizations listed as their beneficiaries.
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Avoiding Unnecessary Taxation
An estate planning lawyer can help you reduce your tax burden. Numerous tax shelters, for instance, can assist you in lowering your tax liability. Estate planning lawyers will ensure you get the most tax savings possible because they have experience using these shelters.
An estate planning lawyer may also be able to identify those who are not currently taxed or exploited to use assets and income streams without creating new tax obligations; furthermore, by creating trusts or other legal structures that permit flexibility when it comes time for them to use their money as needed, an estate planning attorney can counsel clients on how to prepare for their future financial needs effectively.
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Planning for Incapacity
An incapacity plan is crucial because it enables you to make decisions regarding your money, healthcare, and estate when you cannot. Typically, people implement a plan by creating a health care power of attorney and living will. A parenting plan is another crucial item if you have little children.
Creating a will helps you establish what you desire to have followed in the event of your incapacity or death. Furthermore, it provides your loved ones with comfort in knowing that their lives are safe regardless of the circumstances surrounding your illness or death. Even if it’s impossible to foresee what might occur tomorrow, speaking with a knowledgeable lawyer who can lay out all the possibilities and advise you on how to shield your loved ones and yourself from dangers now is an excellent approach to being ready for it.
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Creating a Plan for Your Minor Children
Choosing a guardian for your minor children if you are incapacitated is a crucial decision for parents. When you pass away, your children will be cared for by a guardian until they become legal adults, at which point they will be able to handle their financial matters. Until they attain 18 or 21, depending on the state in which they reside, the individual appointed as their guardian will also be in charge of their finances.
You could designate a trustee to manage your child’s assets if you or another family member cannot care for your children due to illness or other circumstances. The trust agreement permits all assets remaining after disbursements (such as burial fees) to be accessed only by the individuals listed in it. This way, once the beneficiaries reach the state-mandated maturity age requirements, they can access the assets.
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Frequently Asked Questions
Estate planning involves formulating a plan to manage your assets and seeing your loved ones receive financial support after your death.
The difference between a will and a trust is that a will is a legal document that defines your desires about the distribution of your possessions after your death. The purpose of a trust is to put your assets under the management of a third party on behalf of your beneficiaries. It is a legal arrangement.
Estate planning entails creating a will, naming beneficiaries and executors, arranging a funeral, creating trusts, and donating to charities.
You should review and update your estate plan whenever you experience significant changes, such as marriage, divorce, childbirth, or a substantial change in your financial situation. |
Estate Planning Attorney in Hilton Head Island, SC
Hiring a professional estate planning attorney in Hilton Head, SC, can benefit those looking to prepare their estate. It’s crucial to remember that working with an estate planning attorney can have several advantages, such as protecting your assets, giving you peace of mind, assisting you in making future financial decisions, and more.
Are you looking for an estate planning attorney in Hilton Head Island, SC? Look no further than the Fraser Law Firm, LLC. Our estate planning attorney can help you create an estate plan to protect your assets, provide for your family, and preserve your legacy. Contact Denny Fraser of The Fraser Law Firm, LLC, to arrange a free estate planning consultation.
Call The Fraser Law Firm, LLC, at (843) 681-9111 Today
Fraser Law Firm, LLC
94 Main St # D, Hilton Head Island, SC 29926
(843) 681-9111
Denny Fraser has made Hilton Head Island and the Lowcountry of South Carolina home for his family since 1973. After many successful years working in the construction industry, Denny enrolled in the University of South Carolina School of Law in 1997, and earned the degree of Juris Doctor In 2000.
