My son is currently on remand waiting trial. We have had a really tricky time over the last year learning about some of the things that he has been doing, but we want to make sure that we support him through the trial so that he can get a fair process. Having family on your side can help the prisoners to have an easier time at trial and can often help the lawyers to provide the strongest possible defence in court. This blog explains how family members can help to make sure that legal process goes smoothly and that the lawyers get all of the resources that they need.
Estate planning is an intricate and continuous activity that ensures the wellbeing of your dependants and longevity of your investments once you die. In this excerpt, you will learn a few facts about estate planning.
Always Hire A Lawyer
An estate planning lawyer is a critical element of the estate planning process. They will examine your estate and provide essential advice as you share the estate among the beneficiaries. The lawyer will ensure that your will meets the legal requirements set by your state. Besides, they will help you create trusts. Once you die, the lawyer will guide the executor during the probate process.
Prepare and Protect Your Beneficiaries
If you have a vast estate, it would be reasonable to prepare your beneficiaries or their inheritance. For instance, you could engage them in the family business. If this is not possible, you could place the property in a trust managed by a financial institution or reputable law firm. You must be cautious when choosing a trustee for the fund. For example, you would want to know the expertise of the organisation in managing trusts. Besides, ask how much the firm will charge to manage the estate. Your trust should have specific conditions. For instance, the assets in the trust could be transferred to beneficiaries once they meet particular preconditions. For example, once they reach 18 years or clear business school.
Prepare For Unforeseen Events
Your estate plan should mitigate unforeseen events. For instance, the will should have at least two executors. It guarantees you have an alternative if the first executor relinquishes their duties. On the other hand, you should have an appointor to ensure checks and balances in the management of your trust. The appointor is an independent party that can fire a trustee that mismanages the trust. Some people would want to challenge your will on the basis that you were obligated to provide for them. You can avoid this by including a no-contest clause in the will.
Be Cautious When Donating To Charity
There are cases when you would want to donate a portion of your estate to charity. If you would like to create a charity trust, set specific requirements to ensure the charity does not mismanage your funds. For example, you could ask the charity to provide a project proposal and explain how they used the funds before receiving their next donation.
When creating an estate plan, hire an experienced lawyer, prepare your beneficiaries, plan for unforeseen events and be cautious when donating to charity.
For more tips, reach out to a local estate planning lawyer.
Share8 December 2020
