Hiring the services of Estate lawyers is typically seen as a task best left until the last minute. For most, the thought of them passing away and what happens with their assets is not something they would like to dwell on or think about unless it is urgent or needed. Although that is understandable, it can also be irresponsible not to think about the next generations and their future.
While not everyone can benefit from the help of an estate lawyer, there are specific situations where it is best to have professionals guiding you through the process of passing your assets such as:
Planning For Business Succession
Small business owners and their partners will benefit greatly from the services of an estate attorney when they want to consider succession after they have passed or even retired. There are some who would like to pass down their business to a family member as a way of continuing tradition, while for some, it can be a little more complicated.
Settling succession matters for businesses beforehand will make the transition easier and the business can move forward without issues and other possible costly disputes.
Bequeathing Assets Within A Blended Family
It is fairly common for assets to be passed down to immediate, blood-related relatives unless otherwise specified. This law can make it difficult for blended families to give and receive assets without the help of estate lawyers.
Any riches or properties you wish to pass to a stepchild and half-sibling must be officially written down for the inheritance to be considered legal. This is best done with the help of an estate attorney.
Having Assets In A Foreign Country
Each country has its own set of rules and laws regarding passing down property, businesses, and other valuables. If you have enjoyed being a business or property owner in a different country and would like your children to have the same benefits, it is best to settle everything before you pass.
An attorney will look into all the legalities involved in passing down foreign assets so you and your family don’t have to worry about any issues and complications down the line.
Naming A Child’s Legal Guardian
No one wants to think about leaving their child before they become adults, but that is a part of reality. Parents want the best for their children, in the event of the worst-case scenario. Naming the legal guardian of the child should be done by an experienced lawyer. They can also prepare the necessary documents needed to secure your children’s financial future during this sensitive time.
Disinheriting Family Members
This is a topic that can be hard for people to think about, but it must be done. Whether there were some issues with a family member or there was no relationship to begin with, it is best to have a lawyer look into the possibility of legally disinheriting some family members from your will.
There are many ways where excluding a blood relative from the will becomes too emotional and complicated. A competent estate lawyer will guide you through the process to ensure you get the outcome you expect.
