Posted on December 2, 2021
Benefits of Estate Planning Lawyer
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.
Before you die, it is important 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 your assets and the remainder will be divided equally among the children. If there are no children, the surviving spouse will inherit all of your assets or split it with the parents or siblings.