We might look for estate planning attorneys in our local area to help us create a last will. It serves many purposes. It allows you to name a guardian for your kids in the event of your death.
It protects your company and allows you to transfer the company to a co-owner, heir, or successor. It also determines who your assets will go to, whether they are a family member, charity, or individual. You can get more information about estate planning lawyers at https://blairlawfirm.ca/.
Before you die, it is best to have a last will and testament. If you do not have a last will and testament, the state will own your assets and decide who gets them. It may differ from one state to another, but the most common distribution channel is determined by your marital status and how many children you have.
Your assets will be transferred to your parents first. They will pass your assets to your children if they die. If you have children, assets will be divided equally between them.
This is where the distribution process may become complicated. The ideal scenario is for the surviving spouse to inherit one-third or one-half of your assets and the remainder will be divided equally among the children.
Giving your assets to the state can cause family conflict and even lawsuits. Estate planning attorneys can help you create a last will & testament that will allow your loved ones to make a smooth transition after your death.
Common misconceptions about estate planning are that the last will or testament is the only part. In reality, it is just one component of the estate plan.