Estate Planning lawyer Warwick, RI
If you need an estate planning lawyer in Warwick, RI, McCarthy Law, LLC can provide you the legal guidance and information you need to ensure your family and friends are well taken care of after your death. Estate planning takes a lot of work, and it’s easy to be overwhelmed. Fortunately, you can read this guide to learn a bit more about your options, and how the right attorney can help.
What is a Will?
A will is one of the most important documents you can leave behind for your family and friends. Your will is a list of your assets (possessions such as real estate, collections, and investments) and to whom you wish to give these assets after your death. The contents of a will are meant to be divided across your beneficiaries, but it can be challenging when it comes to execution.
What is an Executor?
After your death, your will may name an executor. The executor is a trusted individual in charge of distributing the contents of the will and managing the estate. However, not all beneficiaries might agree on your choice of executor. It’s not uncommon for estranged family members to appear out of nowhere to claim a piece of your estate, so contact an estate planning lawyer in Warwick, RI to see how you can keep the process as streamlined as possible.
What is Probate?
After your executor is named, it’s up to them to make sure the instructions in your will are carried out. This is a lengthy process known as probate. It involves authenticating the will and informing all beneficiaries (and creditors, if you died with outstanding debts) about your passing. Additionally, your assets will have to be assigned a value, and in certain cases your estate will have to pay the necessary estate taxes.
Probate is a long and frustrating process, and there’s plenty of opportunity for your beneficiaries to disagree and fight over what you’ve left behind for them. It’s important to make sure they are able to easily process your last wishes without any unnecessary drama. Fortunately, you can look into creating a living trust instead.
What is a Living Trust?
A living trust (also known as a trust) is like a will, but it requires more input and management during your lifetime. While a will is relatively straightforward to create, a living trust requires a complicated (and usually pricey) setup. Like wills, your living trust will outline your beneficiaries and your assets. Unlike wills, however, a living trust means no probate. The terms of a living trust are uncontestable, meaning whatever you’ve dictated in the trust is what should happen.
How Can a Lawyer Help Me?
It’s not always pleasant planning for what happens after you die. Not many people like to think about it. Despite this fear and uncertainty, it’s important to put a workable plan in place for the people you care about and love.
When you contact an estate planning lawyer, you get a trusted legal advisor who can walk you through the potential pitfalls that your family might face after your death. You also minimize the chances of anything going wrong when it’s time to divide your estate across all your beneficiaries. Don’t hesitate to plan your future: Reach out to an estate planing lawyer in Warwick, RI today, and see how McCarthy Law, LLC can help.