Cohen & Winters, PLLC are estate planning lawyers serving in Manchester NH. Estate planning is certainly a tricky business. After someone passes away and other family members inherit money or assets, it is important that everything is properly managed so that everyone involved is treated fairly and equally and that each person gets what they are entitled to. There are many parts to planning an estate and doing so without some kind of help from a professional estate planning lawyer can feel overwhelming.
Why You Need a Lawyer When Planning an Estate
The reason you want to have an estate planning lawyer present or in charge of things when planning an estate is because they have the legal knowledge and experience to know what things you need to do. They will be able to apply for all necessary documents, fill out paperwork on your behalf and keep track of everything so that it can go through smoothly without any issues.
With all of the personal, financial, and sometimes even custodial information that has to be gathered and moved around, the entire process can get very technical and very legally based before you know it. That’s why you want someone there to handle that end of things and keep things going smoothly.
The Legal Responsibilities of Planning an Estate
There are many different responsibilities tied up in estate planning. You may not realize how many different aspects there are until you start looking into them. Many times, people think they can get away with doing some prep work themselves but it’s much better if a professional is handling these tasks rather than someone who doesn’t have as good an understanding of the law or requirements involved.
Every state has different laws regarding wills, trusts, guardianship etc., which means each person needs to find an attorney in their state that is qualified and knowledgeable in estate planning.
One of the most important things for people to realize when it comes to estate planning, is that they need a lawyer no matter what stage of life they are at or how well off they are financially.
Not only do you want someone who’s trustworthy but also someone who can provide professional advice which may carry more weight with any court proceedings if needed down the line.
What is the Process of Planning an Estate?
Estate planning typically begins with a will.
A person can leave their assets to whomever they wish in the event of death, including family members and close friends or charitable organizations who work on behalf of a certain cause.
One thing people want to be careful about when drafting wills is that their intentions are not discriminatory as sometimes it may involve leaving an inheritance only to those within a specific race for example, this could result in future court proceedings which would make things more difficult than necessary at such a sensitive time.
A common practice is to take out life insurance policies to cover financial expenses in the event that someone passes, but once this occurs, the estate is there to determine who gets that money and how.
There are also special considerations in the case of minors and conservatorships as well.
In the case that a minor is inheriting an estate, someone will need to be appointed as conservator until they are of legal age; this person would then have power over all assets and wealth belonging to the child.
A living trust can also come into play with regards to minors, because when there’s no longer anyone in charge of their affairs (such as a parent or guardian), it might become necessary for them to take on responsibilities such as managing finances or property independently.
Determining things like tax liabilities, setting up trust accounts, dispersing money or property to the correct individuals, all of these things require expertise that the average person doesn’t have. An estate lawyer is the right option when planning an estate for the simple fact that they have the knowledge needed to get the job done the right way without any unnecessary headaches.
Cohen and Winters Are Estate Planning Lawyers And Are Here for You
Now that you’ve seen just how complicated the estate planning process can be, we hope you’ll reach out to us to get the guidance and assistance you need if you ever find yourself in the position of planning an estate. To speak with our estate planning lawyers today, Call or Click here to visit our website and get a free consultation today.