If you have an estate or a real estate property, then there is two ways that might be distributed to your heirs after your death. In the event of your death, the first option by which your property can be distributed is that they can be distributed according to the plan that you personally drew up with the help of a lawyer or a planning law firm. The second option by which your property can be distributed among your heirs is by the law of inheritance, which is established by the state legislature you live in. The second option will only be applicable if you never got the time to make a will about how you would like your property to be distributed. Now, it would sound pretty amazing, but about two out of every three American ends up at the second option after their death, since, they were so busy with their lives, they couldn’t end up making a formal will with the help of their lawyers.
Now, if you have an estate, and if you are nearing your retirement years, it is very probable that your heir will be curious about who gets the property, and more specifically which part of the property, or what percent of the property. If you are not proficient about assets and things related to your property, then now is the time that you should sit with a pen and paper, and start writing about what all the assets you have, which should include your property, jewelry, cars, annuities, investment and also antiques. Once you are sure that you have included all your assets in to your calculation, now it’s time to call an estate planning law firm. The estate planning law firm will send a lawyer to you, who will come up with a succinct plan to distribute your wealth among your heirs, by reducing the probate fees and taxes.
It is better not to rely on your family lawyers or accountants to execute your final wishes or take care of your affairs after your death when it comes to your estate, especially if you own a large estate. Once you are retired, and is approaching your last age, it is better to start the arrangement, and keeping things in perspective. One of the things that is unique to the estate planning law firms is that they will guide you through the step by step process of making a will, and they will also let you know about the costs that might come up once you die. These experienced lawyers will also help you in planning to pay up those costs, so that your rightful heirs get the property and the assets, as soon as possible. It is really not as easy as it sounds, and there are a lot of complicacies involved, and therefore it is really important that you talk to an expert regarding this.
Before you die, it is very essential that you pay up all your debts, so that the property and the assets may be passed on to your heirs. Therefore, at the time of your death, it is essential that, you have some liquid cash with your lawyer, who may pay up the debts, so that the assets get released for the rightful heirs.
Making sure that all your affairs has been taken care off, will give you relaxation and happiness at your old age. In fact, you will enjoy your retired life more, and you can stop worrying about the mishandling of your property after your death. Rutman and Rutman Law Firm is one of the best estate planning law firm in Ontario. Call them to book an appointment with an expert.