There is a common misconception that only the very wealthy need a Trust And Estate Planning Lawyer Davenport, IA. Many people think of an estate as being millions of dollars, properties all over the world, and countless valuable assets. In fact, an estate is made up of everything that a person owns, and in the vast majority of cases, an estate is not worth multiple millions of dollars today. Just because there isn’t massive money to distribute does not mean that an estate plan is not needed. Nearly everyone should at least arrange a consultation with an estate and trust planning lawyer to make sure that they are planning their family’s future properly.
The first thing that should be considered is whether there are any unique dynamics to the family that would make estate planning especially beneficial. This includes situations like:
• Being in a second marriage (or any marriage beyond the first one)
• Owning a business
• Owning property in more than one place
• Having a family member who is permanently disabled
• Having minor children
• Having adult children with issues
• Having a significant amount of money in a retirement plan
• Being recently divorced
When a person does not plan ahead with the help of an estate and trust lawyer, the estate will typically end up in probate. Probate court takes considerable time, sometimes even years, to process estates. To make matters even worse, the people who will receive the estate will end up paying far more in taxes when it is handled by the probate courts. For this reason alone, planning ahead with an estate and trust lawyer is simply the smart move.
There is also the benefit of leaving nothing to chance. When a trust lays everything out very clearly, there is very little chance that the beneficiaries of the estate will enter into fights. A properly constructed estate plan will have a trust that can’t be altered, changed, or misinterpreted. This is the best way to make sure that a person’s final wishes are met. When looking for a Trust And Estate Planning Lawyer in Davenport, IA, consider the David J. Franks, P.C. Visit the website today to learn more information.
