Our ancestors are very important in our own development. According to many psychologists like Freud and Jung, they believe the people of the past pass on their knowledge to us in the present. This is usually through our unconscious actions or our own impulses and instincts. It is still a debated issue today but there is truth to it. The ideas they learned in the past influence can influence our own ideas in the present. Whether we agreed with them or not, it does not matter. It does not change the fact that it had sparked a movement in the next generation. This “passing of the flame” is very important in many cultures and traditions and now we can pass it on to our children and to theirs as well. Learn more about this by clicking the link: https://www.verywellmind.com/what-is-the-collective-unconscious-2671571.
Aside from ideas and learning, our ancestors and elders in the family can pass their own material possessions. These can either be artifacts from your possible noble past or valuable items like jewelry. However, most families would treasure their estates like land ownership. As the price of land hardly deteriorates, this has become one of the most lucrative investments anyone can have. In this sense, many families would actually want the ownership of their land to be passed on to the next generations. This is why it is important to know what to do when the inevitable happens: death will come for all of us. We should always hope for the best but prepare for the worst. However, what can you do for now while you are still alive? It is such a morbid thought but if you have a lot of valuable assets, it is very important to set all of this up. Before that, it is also important to know the differences between a trust, will, an advance directive.
1. Will:
This one is rather famous through its use in many movies, especially concerning rich families and sibling rivalries. It can be exaggerated, but it mirrors the reality in actual situations. Also known as a testament, this legal document explicitly states the wishes of the owner concerning his property. This includes the way it is going to be distributed, the persons receiving the property, their share (sometimes in percentage) and etc. If you are also supporting an organization or charity, they can be included in the will as well. An executor is chosen by the person and he or she will oversee the properties until the distribution commences. Any person, as long as he is of age and of sound mind, can create their will with or without a lawyer. The adage “last will and testament” must also be present on the document along with other evidence. The document should also contain a passage that nullifies previously written wills if there are any. Laws regarding written wills can also vary from state to state and even across countries, so a lawyer can help you through these nuances.
Many people do not think too far ahead into the future when it comes to planning for their property after their death. They fail to realize that any form of property can become a virtual bone of contention between the successors. No matter how well they are attached to each other, the property has always been shown to bring out the worst in human beings. This is why you need to take help from summary probate in Georgia and prepare a will as soon as possible. It does not matter whether you are a millionaire or not. Summary probate can be created for smaller estates and properties as well.
2. Trust:
This tool or device for the execution of inheritance is usually done for minors and mentally challenged individuals. This is done through a third-party individual (called a trustee) who will handle the inheritance for the beneficiary. The inheritance can be a lump sum of money or any other property (read more). However, it is usually for the purpose of taking care of the beneficiary until he or she is of legal age or as long as possible. Once the trustor dies, the trust is set in motion and the governing bodies will assess the situation. If the beneficiary is already of age and mental capacity, then he or she can handle the inheritance. However, even if they are not yet at this stage, they are legally the owners of the inheritance. The beneficiary can also be an institution or a group of people. The trust can also be taxable, depending on the state or country’s laws and it can be revoked.
Estate planning is not an easy task. It requires a lot of trust, faithfulness, and credibility. You are effectively handing over all your assets to someone that will create the legal paperwork and execute the will to your heirs. Estate Planning Attorney Anchorage AK states that when selecting a legal representative to draft the bill, it is best to do thorough research and interview the attorney and the law firm at length. The more trust you are able to generate, the better will be the result of the will and the succession process.
3. Advance Directive:
Also known as a living will, this is concerning the actual plans of the estate holder for themselves. Whether it is for their own health care or memorial plans, having an advance directive can help in planning for their possible demise. It is extra security protection for themselves and their families. It can also contain their wishes on how they are going to be buried, the color of their coffin, and the people who need to be there during the wake.
As these devices need some knowledge about estate laws, having a lawyer around can help in arranging these plans. There is also the matter of taxes and other liabilities that can come up anytime so it is important to have a backup plan. Estate lawyers can help you in minimizing property taxes and writing a proper will or testament. They can also help in overseeing the properties after the passing and proper distribution of inheritance. They can also be the trustee of the beneficiary provided that the person knows and trusts him or her very well. Attorneys cannot force themselves into the will; they can only inform the client that having them as a trustee is an option.
Hiring a competent lawyer can be tough, so it is important to know a great estate lawyer who can help you. With the age of the internet, finding one is as easy as typing on a search bar. Law firms now also have their own websites like The Law Offices of Keane, Thomas, and Pinnacoli for easier access.
Losing a loved one is already painful on its own, but planning for your own death is a depressing thought. However, if you care for the future of your family after your death, you can start planning the distribution of your assets as soon as you are ready. Many families fight over and destroy themselves over inheritance even with a last will and testament. How much more chaotic could it be without this legal document? A lawyer can help you in processing all of this, and learn how to manage it well while you are still alive.
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