Things to Know About Estate Planning and its Importance

Estate planning is an important process to manage and distribute someone’s property and assets among legal heirs. It is done during an individual’s life and after death for the estate administration legally. In general, estate planning includes the process of preserving, arranging, and distributing family wealth using tools like will writing, asset protection, living trust, and others. It also takes care of the settlement of estate taxes and financial obligations before drafting a will for the smooth transfer of assets.

The legal handling and planning of an estate are collectively termed as the probate process, and the attorney who handles this process is known as a probate lawyer. Probate lawyers are the licensed estate attorneys who work with the estate owner and the beneficiaries to settle the affairs of the decedent through a judicial or legal process as per the court of law.

A probate lawyer helps with estate planning to control how the assets or properties of an individual. An estate can include everything the owner owns such as houses, plots, commercial properties, vehicles, life insurance, bank accounts, stocks, investments, personal possessions, debt, and financial obligations. A probate attorney controls, manages, and executes the probate process as per the wish of the estate owners, which includes

·        Whom they want to receive their property and possessions

·        What and how much they want them to receive

·        And, when they want them to receive it (in case of minors)

Importance of Estate Planning

Probate or Estate planning is the process to protect the family wealth and arrange the smooth transfer of it to the beneficiaries as per the will. It gives legal authority to manage the estate of a person in the event of his or her incapacitation or death. The probate process also helps with living trusts to protect the rights of minors and children. It provides funding for their livings and educations until they become eligible to take control of the assets legally at the right age. It is like future planning to protect the family interest after an individual’s death.

Most importantly, estate planning at the right time gives you peace of mind that your assets and properties are safe in the right hands. It minimizes legal fees, transfer taxes, and court costs by protecting everyone’s interests to avoid family messes and legal fights. 

You will need a professional probate lawyer who understands the whole process of estate administration, will writing, asset protection, and living trusts for estate planning and management. A probate lawyer has expertise in dealing with all aspects of probate law, inheritance matters, and family wealth settlement. They advise the right steps at the right time to estate owners for making the right decisions.

If you are looking for Probate Lawyers in Harlow, Bishop’s Stortford, and surrounding areas in the UK contact us at Boyletts Law Firm to deal with all aspects of your estate planning. We are an award-winning law firm with significant experience in the industry. Our probate lawyers are licensed and qualified to provide friendly, compassionate, and professional service that best suits your needs.