That said, breaking into the field of wills & trusts is no easy feat. You often need an expert on hand if you want to make the most of the tools you have access to. That is where King Law comes in. You can schedule a consultation with our wills & trusts attorneys and learn more about the ways you can plan for the future.
What to Expect From an Estate Planning Consultation
Planning for a future outside of your control can be stressful and even a little melancholy. That doesn’t mean, however, that meeting with a wills and trusts lawyer is uneventful. Rather, our team takes joy in helping you plan the distribution of your estate and assets.
When you bring your concerns about the future to our team, we can help you establish the scaffolding on which the future will be built. Specifically, we can help you establish a baseline value of all of your assets, ranging from your real estate and investments to personal heirlooms.
From there, we can help you determine how to practically divide these assets. While we can direct certain belongings to certain family members, we can also explore the value of trusts and ways to store certain assets for your growing family’s use. What’s more, we can find new ways to avoid excessive taxes on your assets, saving you money along the way.
How Wills Work in Marion, NC
Your will is also referred to as your Last Will and Testament. This document serves as your outline for how you want your loved ones to divide your property and other assets in the wake of your passing. When establishing your Last Will and Testament, you can also elect a personal executor to represent your interests during the distribution.
You can use your will to elaborate on the distribution of significant resources, including your savings and investments. However, you can also work with a wills and trusts attorney to ensure that your will touches on your more personal belongings.
You can also use your will to inform loved ones of any trusts or similar constructs you’ve established for their use. Working with a wills and trusts attorney can ensure that these essential inclusions make it into your will—and that your will is properly formatted and thus legally binding.
How Trusts Work in Marion, NC
A trust represents a fiduciary, or financial, relationship between you and the trust’s recipient. Specifically, trusts allow you to hold certain property or assets on behalf of the recipient. The trustee can then receive the assets included in their trust upon your approval and/or passing.
The benefit of a trust is that it prevents other parties from attempting to dispute the distribution of the included property. It also prevents the recipient from having to contend with estate taxes, under the right conditions.
Different Types of Trusts
You can establish several different kinds of trust prior to your passing. These can include:
- Revocable trusts, or trusts that can be altered or revoked at any time. These trusts must appear on the legal owner’s tax returns.
- Irrevocable trusts, or trusts that cannot be altered without the permission of the person who will receive them.
- Special trusts, which require the recipient of the trust to use it in a particular way
- Charitable trusts, which allow you to leave the included assets to a particular charitable organization
You can discuss the benefits—and taxable contributions—of each of these trusts during an initial consultation with the wills and trusts lawyers in Marion.
When Should You Consider Estate Planning?
When some people think about estate planning, they think about writing a will or creating a trust later in life. It’s actually in your interest to consider these estate planning essentials when you are young, even if you don’t feel like you have many assets to divide among future parties.
If you’re able to discuss estate planning at a younger age, you can establish the basic documents you need to protect your assets and other belongings before your circumstances start to change. For example, early planning can protect your loved ones in the wake of unexpected accidents or healthcare emergencies.
Should there come a point in the future where you feel you’re not able to afford estate planning services, either, this early planning can get you ahead of the game. If you’re not sure whether or not you should pursue estate planning today, you can schedule a consultation with our wills and trusts lawyers in Marion to learn more about our services.
Let King Law Help You Plan for Your Future
The future is never certain. You can take steps to make life easier for your loved ones, though, with expert estate planning. At King Law, our wills and trusts lawyers in Marion can help you bring together the documents you need to protect your finances and ensure that your property makes it to the people who will value it most.
For more information on wills & trusts, or to schedule a consultation with the King Law team, get in touch today. We can discuss our wills & trusts services at either (888) 748-5464 or (888) 748-KING. You can also schedule a consultation with one of our representatives through our contact form.