Recently on the blog we discussed how to handle hard assets such as heirlooms during the estate planning process. This can be a tricky subject to address, as it can involve multiple parties, each with their own interests. Many people who engage in estate planning try to make all of their loved ones happy. However, especially when it comes the hard assets, this isn't always possible. Therefore, in order to reach an outcome that satisfies an estate planner and distributes assets in accordance with his or her wishes, an individual should consider working closely with a skilled legal professional.
In order to be effective, the estate planning process needs to be thorough and holistic in nature. This means all assets and debts need to be identified, and an individual needs to figure out how he or she wants to deal with those upon his or her death. The process through which he or she wants to distribute assets, and the restrictions he she wants to place on those distributions, will direct and drive the estate planning process.
A competent legal professional, like those at the Moore Law Firm, will know which legal vehicles need to be utilized in order to reach your estate planning goals. Wills can be thorough in nature and carefully drafted so that there is no room for doubt as to the estate planner's wishes. Trusts can also be utilized for a number of benefits, including avoiding estate tax, avoiding probate, placing restrictions on asset distribution, and even benefiting charities or pets.
As we've said many times on this blog before, estate planning is a customizable process they can be molded to fit your needs. Therefore, you merely need to convey your vision for your estate's future to a legal professional of your choosing and he she can lay the groundwork to bring that vision into reality. It may sound like a complicated and stressful process, but those who engage in estate planning often find their minds at ease when all is said and done.