A will is an extremely important part of your economic and financial conditions and goals. People are extremely cautious when it comes to money matters, but are surprisingly ignorant when it comes to formulating a will! The concept of a ‘will’ can be traced back to the Greece and Roman Empires. And the concept has been inculcated in the contemporary world systems. It is reported that only 44 percent of Americans create a will, the rest die intestate. It is thus important that you consider the idea of formulating a will to future-proof your estate. While doing so, however, the help of a professional is always insightful. Which is why, several remarkable businessmen hire adept estate attorney ellwood city pa to formulate a will.
Here are a few signs that denote the need for a will.
1. More than one marriage
With marriage, comes management. Management of finances and responsibilities. This is especially significant if you’re married more than once, and/or, have children from two different spouses. Succession and inheritances can be quite perplexing with blended families.
2. You have minor children
Yet another remarkable sign that you need an estate planning attorney is when you’re having minor children. Laws and regulations differ from one country to another, when it comes to minors. While the age of majority is almost similar in all the countries, there are issues other than the age, which may require the involvement of an adept family lawyer. While planning your estate or succession or formulating a will, you need to choose legal guardians for the children, protect your assets, and bequeath property in a wise, strategic way.
3. You own a sizeable estate
Where there’s money, there are claims. What usually happens is, when a person dies intestate, there are a lot of exigencies and questions regarding the transition of management and ownership. And this could easily lead to conflicts and institution of suits. To avoid such conflicts, major business owners hire skilled attorneys to formulate plans. Litvack Dessureault avocat succession plans are evidently future-proof and sound in nature.
So, when your estate is large enough, you need a strong estate plan. An estate planning attorney will help you avoid probate and suggest strategies to best allocate your funds.
No matter how small or large your estate is, creating a will and planning your estate are the most important part of running any business, especially if it is a family business.