If you don’t know where to start when planning your estate then give our attorneys at Yardley Law a call today to get started on your estate plan to ensure your future is taken care of. From simple wills to complicated trusts, Thomas Yardley is fully versed in the latest developments pertaining to estate planning, including the changes under the brand new American Taxpayer Relief Act.
An estate plan has several elements, such as a will, a trust, assigning a power of attorney; and a living will or health-care proxy (medical power of attorney). When putting together a plan, you must be mindful of both federal and state laws governing estates, which is where our knowledgeable attorneys can assist you when planning your estate.
Everyone needs a will, because it tells the world exactly where you want your assets distributed and whom you want to name as guardians for your children after you have passed on. Dying without a will, also known as dying “intestate,” can be costly to your heirs and leaves you no say over who gets your assets. Even if you have a trust, you still need a will to take care of any holdings outside of that trust when you die.
Trusts are legal mechanisms that let you put conditions on how and when your assets will be distributed upon your death. They also allow you to reduce your estate and gift taxes and to distribute assets to your heirs without the cost, delay and publicity of probate court, which administers wills. Some also offer greater protection of your assets from creditors and lawsuits.
Organization is Key
Estate planning is more than just writing a will. Done right, organizing your assets can help avoid family fights and prevent a majority of your estate from going to the government later. But smart estate planning can be complex, involving living wills, various trusts, and other legal documents. Thomas Yardley can help you make sound decisions that could help your loved ones when you are gone.