Ask An Estate Planning Lawyer - Wills And Estates FAQ
There are times when you need the help of an estate planning lawyer. This area of the law is very complex and most of the answers to your questions are hard to come by. Before you contact an estate planning lawyer, here are some commonly asked questions that might help you.
What If There Is No Will?
If there is no will,
the state will decide to whom the property will be given. In most cases, this means the spouse or children. If these individuals are deemed unfit to receive the property, it will be transferred to someone else. An estate planning lawyer can help by appealing to the court.
What About My Unmarried Same-Sex Partner
A few states allow property to be passed on to a same-sex partner, but most do not yet. These states include California, Vermont, Maine and New Jersey. Check with your local state to see if this is an issue.
Do You Have To Pay Federal Estate Tax?
Most people do not have to pay federal taxes on estates. If you own a very large amount of property, you may have to, but for most people it isn't a problem. The tax rate varies from year to year. There are ways to avoid paying it, such as giving away free gifts and setting up certain kinds of trusts.
How Do You Get Started Drawing Up A Will?
It all starts with a call to an estate planning lawyer. They can help you decide which type to set up and walk you through the process. It is very complicated and difficult to do on your own. They can look at your assets and make recommendations on the best type.
What Is A Living Trust?
A living trust is a viable alternative to creating a will. The main advantage is that it allows you to avoid probate, the costly legal proceedings where the court divides up your property. What a living trust does is to give up all of your property and assets to a family trust, and when you die everything simply goes there. It allows you to maintain better control over who gets your assets.
Do I Need A Lawyer To Make My Will?
You actually do not. If you are of "sound mind" (meaning mentally capable of doing it), you can make your own will. It must be signed by two witnesses and in most states, these need to be people who will not inherit anything from it. You then simply sign and date it. In many states it makes things easier if you have the will notarized. Although most people don't need an estate planning lawyer to make the will, there are other complications for which you may want to have their legal assistance.
If your questions aren't answered here, contact an estate planning lawyer. Take some time to find a good one in your area who can help you take care of your case. An estate planning lawyer can be a great help when you really need them.
