The average lifespan of a human being in the United States is around 78 years. Some die before they turn 78 while many are lucky enough to live longer. Preparing for an eventuality such as death is quite a practical and reasonable thing to do. While one may find it difficult to mentally prepare him/her self for his/her own demise, deciding what happens to your material belongings once you leave this mortal world is relatively easier. Across our lifetimes, we all collect and accumulate certain amount of assets and valuables which we will ultimately leave behind after our death.
While most people wish their offspring to have their belongings after their death, some prefer to donate to certain charities or causes. In some instances, the lack of a direct legal heir creates a conundrum as to who shall own the assets left behind by a person. These assets can include personal items such as clothes, jewelry, car(s), stock investments, and even real estate properties. In order to ensure that all of your belongings are handed over to the people according to your wishes, it is imperative to create an estate plan. Most people utilize the knowledge of reputable estate planning lawyers to plan out their estate.
What does Estate Planning include?
There is a common misconception that estate planning only entails the decision regarding who gets your assets after your death. But that is not the case, as estate plan also dictates who inherits the debts you owe, as your debts are also a part of your estate. Essentially, estate planning refers to the process of deciding who takes over your worldly assets and liabilities after you are gone. According to local estate planning lawyers, some people have a misconception that estate planning is only limited to real estate properties. In reality, estate planning comprehensively covers all aspects of a person’s tangible assets and liabilities.
How can a lawyer help you with estate planning?
As estate planning entails preparation of a number of legal documents such as your will and power of attorney, it is imperative that someone with an expansive knowledge of the law help you prepare them. Even the slightest mistake in the documentation can cause severe complications. Therefore, in order to ensure that your estate is handled according to your wishes, you should acquire the services of a reputable estate planning lawyer.
For further information on this subject or to schedule a free consultation, contact Casement Law Group, P.C. today at (847) 888-9300 to speak with an experienced estate planning lawyer.