Planning for the future is a crucial aspect of managing your financial life, especially when it comes to estate planning. This process allows you to specify your wishes for managing your assets during your lifetime and distributing them after your death. Getting the right legal help for estate planning can ensure that your wishes are honored and your loved ones are taken care of.
What is Estate Planning?
Estate planning is the process of arranging for the management and disposal of a person’s estate during their life and at and after death, while minimizing gift, estate, generation skipping transfer, and income tax. It involves the will, trusts, beneficiary designations, powers of appointment, property ownership (joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gift, and powers of attorney, specifically the durable financial power of attorney and the durable medical power of attorney.
When Should You Seek Legal Help for Estate Planning?
The right time to seek legal help for estate planning is as soon as you have assets that need to be managed or wishes for how you want those assets distributed after your death. This could be when you purchase a home, start a business, or start a family. Early legal advice can help you understand your options and make the best decisions for your situation.
Legal Matters Under Estate Planning
Estate planning covers a wide range of legal matters. Here’s a brief overview of the most common ones:
- Wills: A legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children.
- Trusts: A fiduciary relationship in which you give another party authority to handle your assets for the benefit of a third party, your beneficiaries.
- Probate: The legal process of administering a deceased person’s estate.
Free Resources for Estate Planning
There are several free resources available online for those seeking advice on estate planning matters. Here are a few:
- The American Bar Association’s Estate Planning FAQs: Provides answers to frequently asked questions about estate planning.
- The National Association of Estate Planners & Councils: Offers resources on estate planning, including a directory of accredited estate planners.
- The Financial Planning Association: Provides resources on financial planning, including estate planning.
How Does Estate Planning Free Legal Advice Hotline Work?
Our Estate Planning Free Legal Advice Hotline is designed to provide you with the legal advice you need. When you call, your call is routed to our 3rd party partners who are experienced in the field of estate planning. These legal experts will do their best to help direct you in the right direction and assist you in making the correct decisions. They can provide advice on a range of estate planning matters, from drafting a will to setting up a trust.