Are you currently looking for an attorney to assist you with a legal matter? This might include creating a will, living trust, or another type of estate planning document. Recent data shows that 51% of people in the United States within the 55 to 64 age bracket don’t have a will yet. When considering the entire American population, however, 64% haven’t had a will drawn up. If you’re currently younger than 40 and don’t have a will, then it would be a good idea to take care of this now by hiring a wills attorney.
Do you have six-figure assets or higher? If so, then it would also be a good idea to discuss having a will as well as a trust drawn up with your attorney. This is because adding a trust can minimize the amount of estate taxes your beneficiaries will have to pay and it can also assist with avoiding probate.
Are you interested in learning more about leaving bequests to specific individuals following your death? In 2015, for example, you could leave gifts that were worth $5.43 million free of any federal estate taxes. This is referred to as the estate-tax exemption.
You may also want to have your attorney draft other important documents. These include a Health Care Proxy and Durable Power of Attorney. Currently, the number of seniors that have Advance Directives, which are also referred to as living wills, has increased. In 2000, for example, 47% of seniors had these documents drafted, and by 2010, the percentage rose to 72%.
Once you appoint someone to be the executor of your estate, this individual, unless exempt under your will, needs to file an inventory with the court within 60 days after being appointed. They also need to swear that the inventory is correct.
If you currently own a company, you may also want to speak with an attorney about protecting your assets by forming an LLC, or a limited liability company. If you’re not sure whether or not forming an LLC is in your, your family’s, and your company’s best interests, then you can obtain more information from a business attorney. They will be able to advise you on the best course of action given your current and projected circumstances.
