Estate planning is different from person to person and that’s why having the help of a lawyer that understands estate planning is so important. With different size estates, different plans are available that can make things easier for the family a person leaves behind when they pass away. It can also make the transfer of assets much easier as well. For that reason, many people in the Hillsboro, MO area rely on the Wegmann Law Firm.
The Average Estate
When it comes to the average person, typically those with an average estate, proper planning can help an estate minimize the impact of probate. While probate may be unavoidable for most estates, pre-planning can be extremely helpful. Firstly, naming legal representation for an estate executor can help the executor navigate the lengthy and sometimes complicated probate process most estates have to go through.
In addition, a person who might see their death coming can take the time to pay off debts and transfer assets to family members before they die. This will help greatly reduce the amount of time a person’s estate is in probate and this will mean any assets waiting to be transferred to beneficiaries via a will can be carried out in an expedited manner.
For wealthier individuals, estate planning may mean avoiding estate taxes typically imposed on estates worth over $5 million while avoiding the probate process. The key to achieving the goal of avoiding probate and the estate tax is setting up a trust. A trust basically transfers a person’s estate to one or more people. When a person passes away, they won’t have an estate and therefore no probate is required. Since there is no estate to assess an estate tax, there are no taxes due.
The Challenges of a Trust
The thing to remember is that setting up a trust is extremely expensive to initiate and manage. In addition, it will take a lawyer to set everything up pursuant to Missouri state law. This is where the Wegmann Law Firm can come in quite handy.
Whether you’re wealthy or your financial station in life is average at best, estate planning is important. If you’ve ignored this, you may want to Contact Wegmann Law Firm the get your estate plan started today.