If you do not have your affairs in order before your passing, you will leave your loved ones with the challenge of handling your estate. This often leads to a variety of complications.
Your family may disagree over your final wishes or the distribution of your assets. These disagreements may even tear families apart.
Estate planning lawyers help you avoid these complications, and they can provide additional benefits, as well.
Protect Your Assets and Reduce Estate Taxes
Working with estate planning lawyers in Topeka, KS can help protect your assets. Asset protection is a key area of estate planning. The goal is to protect your property and wealth from potential lawsuits and creditors. A qualified estate lawyer may find ways to reposition your assets as exempt.
Asset protection needs to begin before a complaint is filed. Hindering, delaying, or defrauding a creditor is illegal, which is why you need to begin planning in anticipation of any lawsuits.
You may even reduce the federal and state taxes on your assets. These taxes can take a significant portion of your assets from your loved ones. Estate planning lawyers can help set up AB or ABC trusts to help reduce your tax burden.
Protect Your Beneficiaries and Avoid Probate
You may also want to protect your beneficiaries from family disputes and legal claims concerning your assets.
Estate planning lawyers can help you designate a trustee or guardian to carry out your last wishes and the distribution of your assets. Designating a guardian or conservator is also required if you plan to leave property to a minor.
Along with these benefits, an experienced lawyer can help you understand your rights concerning your property and assets. For more information on creating an estate plan, contact the legal team at Debenham Law Office, LLC.
Completing these steps can also help your family avoid having to deal with the probate court. Establishing a living trust can eliminate the cost of probate court fees and the additional time needed for the courts to distribute your assets.
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