Estate Planning Attorney Lake Forest
Estate planning is a process in which an individual who owns land and housing properties will organize how these properties will be disposed once the issue of their life span has ended. It is presided upon by the owner of the property while they are sane to make this decision and thus their decisions are written in a document that is recognized to be their will. A will needs to be drafted legally by using the highly qualified skills of a legally licensed estate planning attorney Lake forest professional and the owner(s) of the property. The signatures of the owners will be necessary in the will in order to validate the legitimacy of the document.
Biggest myths about why Lake Forest individuals don’t need estate planning attorney services
- You are too young to do any estate planning. People often think that they have an entire 50 – 100 more years to go before they can start thinking of the fact that they are about to die and need to do some estate planning to ensure that their properties are not lost. However, this is typically a wrong myth as anyone in Lake Forest can die at anytime and having your estate planning in order will be a greater advantage than a disadvantage.
- Only the wealthy do estate planning. Now this myth is one very misguided quote and downright wrong. It does not matter if you own one business stall or your very own house, you need to do estate planning in order to avoid the incurring huge taxation payment and expenses that could render it valueless in the future.
- I don’t need an estate lawyer for this job at all. This is also a misguided myth in one way or another. If you find that hiring an estate lawyer can be tough for your finances the better option is to also get an accountant to review your properties value and advice on how to maximize the value of your properties. This way you will know how to draft your own Will while ensuring that your property value remains intact. But an estate planning lawyer will also offer all these services at no extra cost other than their terms of fees.
Risks of not having that WILL created by an Estate Planning Attorney Lake Forest Firm
Not having a will is very risky to your properties and even the value of your properties. This is mainly because:
- Without direct allocation of ownership your descendants may come up with a reason to fight over your property and this could lead to the entire fortune being spent in and out of courts for a long period of time.
- The government could claim as government property and thus your relatives will have no other options than to accept the ruling as per the conditions.
- Anyone could claim to be the only living relative and make a claim on your property especially if you had no descendants known to you and your property could land on the wrong hands.
What an estate planning attorney does for Lake Forest Individuals
An estate planning attorney will take into account all your properties; land, houses or business and will calculate the current and futuristic value of your properties. They also utilize their skills in helping you while increasing the profits and revenues accrued in the process of maximizing the value of your properties through tax and expense reduction methods. They will advice on how best to organize your estate planning Will in order to make sure that your inheritors will inherit a valuable piece of property versus losing it to paying the expenses and taxes accrued as a result of mismanagement.
WMSchwartz is an estate planning firm who performs these legal services to all its clientele at Lake Forest and all other surrounding areas. They only hire the most qualified specialized estate planning lawyers who will articulate the provision of quality services to all their clients.
Why regular reviews of your estate plan are important to incorporate changes
Regular reviews are very important as the taxation rates and revenue can change and thus this analysis needs to be conducted in order to realize the changes that do need to be made in order to maintain the ability to maximize the value of your property.