Estate Planning
A will is one of the most important things that you can do for a family. It allows you to make decisions about who receives your assets. Other reasons to create a will include: speeding up the probate process and minimizing estate taxes.
Other parts of your estate plan should include a power of attorney and healthcare power of attorney. The power of attorney appoints a person to take care of financial and business affairs. A healthcare power of attorney allows you to appoint a trusted person to make healthcare decisions on your behalf if you are not able to make those decisions.
An experienced attorney at The Howze Law Firm can help with your estate planning needs.
What Is Estate Planning Anyway?
Estate planning encompasses many things but most importantly, it’s all about being prepared and getting to choose who inherits your assets. Effective estate planning primarily puts a plan into place and provides a smooth and efficient transfer of money and property to a person or entity who should rightfully receive it after an owner passes away. This can be done in many varying ways such as through Wills, Trusts, and non-probate transfers like beneficiary designations.
Estate Planning also involves choosing the right people to make decisions for your finances and health care if renders you incapacitated and unable to make decisions yourself. This can be done through documents for Durable Power of Attorney. Naturally, nobody wants to think about being incapacitated or dying, however, protecting your family through planning can only avoid costly probate. Estate planning gives way to a simpler and much more streamlined process for your family.
To find out which option fits your needs best given the circumstances you have, a probate lawyer will explain each option and help you determine what works for you best. At The Howze Law Firm, our probate lawyer will deal with all legal matters on your behalf and put you at ease so you don’t have to figure it out alone.
What Estate Planning Can Do To Benefit You
An unexpected tragedy can place a very heavy burden on your family and loved ones. Not having a clearly defined estate plan can add a great deal of uncertainty, costs, and frustration to an already unhappy and tragic situation. Our probate lawyer works tirelessly to innovate for each and every unique case and make the entire estate planning process understandable and easy to implement.
Several factors are involved that should be considered in coming up with a wealth transfer strategy effectively. Examples include:
- Knowing how your estate will be administered;
- How costs are avoided in the process of administering an estate;
- Determining if estate taxes may be owed;
- Making the process easier for your family and loved ones.
Defining Probate
To put it simply, probate is the set of necessary steps to establish the validity of a will. It is the process of legally distributing the property/properties of the person who passed away (decedent) upon death. The three (3) primary purposes of probate are to:
- Identify and collect the decedent’s assets
- Find out the decedent’s creditors and pay outstanding debts
- Allocate the decedent’s assets to his or her beneficiaries
If the ownership of the property is solely within the decedent’s name or if ownership of the property is the decedent’s name and one or more other person’s names as tenants in common (absence of a right of survivorship), a certain form of probate administration is required to convey the property.
However, not all property is subject to probate. Title to property usually passes to a different owner without the need for probate administration under these circumstances:
- The decedent was married at the time of death and the ownership of the property was held as husband and wife (tenancy by the entireties).
- If the decedent and one or more other persons as joint tenants with a right of survivorship hold ownership.
- If the decedent’s ownership interest was a life estate with a remainder interest to another.
- If the ownership of the property is under a trust.
You Need a Rock Hill, SC Probate Lawyer for Your Estate
When you own property and have estate matters to settle after your death, you must be sure that your estate is distributed according to your wishes. You can do this by creating a will – the estate document which spells out how you want your estate divided, who gets what, and what happens to any assets left outside of a will (if any).
A probate lawyer can help you create or contest a will if it is contested by one of your heirs. Your probate lawyer may also represent you in court during the administration of an estate. The administration process starts with probating the estate and ends when all estate debts and taxes are paid and remaining assets transferred to beneficiaries according to the terms of the estate.
During estate administration, a probate lawyer is responsible for representing your estate at hearings and trial proceedings (if they occur) to ensure that your estate’s interests are protected legally. Some of these procedures include:
- Determining how much property must be probated;
- Approving routine estate expenses;
- Paying estate debts;
- Notifying creditors if there is not enough cash in the estate account to pay them;
- Requesting that an estate tax return be filed with the IRS if applicable;
- Receiving court permission before transferring assets outside of the United States or on behalf of minors or incompetent individuals.
Estate administration can take more than a year but may last as long as six years. A probate lawyer can ensure that estate administration goes smoothly and expediently.
Probate Lawyer in South Carolina
Without proper estate planning, probate is usually required. Without a probate expert, such as a probate attorney to help facilitate the process and reveal what to expect next, this can become one of the most misunderstood concepts of law and is often feared by most. Some will even go to great lengths just to avoid it. During this difficult time, when you are ready to speak with a probate attorney today, The Howze Law Firm is here to help. Our probate attorney can determine the form of probate necessary to handle your loved one’s estate and steer you through the legal process with ease and efficiency. Consult with a probate attorney at our firm today.