From a business lawyer to a real estate lawyer, it is important to contact anyone who can be of help to you in the process of constructing a will. Though you will want to work directly with a specialized will lawyer in the process of writing a will, you can also find insight and support through talking to a business lawyer or even an elder law attorney in this process. And having a will is a hugely important thing. After all, how else will you help to ensure that you family is cared for in the event of your passing, especially if it is an untimely one? Though we all hope that we make it to a very old age before passing away, this is guaranteed for no one. From injuries to sudden terminal illness, death is inevitable in life, and it is always best to be as prepared as possible for the worst case scenario that could arise.
Unfortunately, too few people have even begun the process of estate planning and writing a will. In fact, data shows that of all adults in the United States, nearly sixty five percent of them do not have a will. Even among elderly people this is common, with more than fifty percent (fifty one percent to be more exact) of those Americans who are between the ages of fifty five and sixty four do not currently have a will drawn up – or even concrete plans to do so. And as any business lawyer will be able to tell you, protecting your assets in the event of your death is crucial. A business lawyer will also be able to tell you about how to avoid estate taxes as much as you possibly can. Consulting a business lawyer will be especially key if you currently make over six figures. In such a case, a business lawyer is likely to recommend that you set up a trust, as this will help to reduce the estate taxes that you are required to pay as well as help you to avoid probate too. As another way to skirt around the estate taxes your loved ones might be required to pay in the event of your death, many a business lawyer will also recommend that you leave a large sum of your money (as much as nearly five and half million dollars, as of the year of 2015, just a few short years ago) to a loved one in the form of a bequest. This bequest will be free of any federal taxes, sending the money safely and securely in its original form and amount to the person of your choosing.
It is never too early to set up a will. In fact, the earlier you go through the process to do it, the better. Statistics even show that, if possible, you should have your will set up before you reach the age of forty and that starting the process preparing your will with the help of a business lawyer or an attorney that specializes in estate planning this young is the ideal way to do things. This is particularly important if you have young children, as setting up a will will then allow you to prepare for how your children would be able to live in the unfortunate event of your untimely death. You would be able to leave them behind what they would need to survive, as well as the ability to designate who they would go with to live, such as a grandparent, an aunt or uncle, or even just a very close friend. And it’s true that drawing up a will can take a decent amount of time, becoming in many cases a lengthy process. But this does not mean that it is not a process that is well worth it in the end, providing a peace of mind unlike any other. Drawing up a will is a hugely important part of reaching adulthood, especially when you have young children who are under the age of eighteen to care for as well as assets to protect. Your assets and your family are important – protect them.