Estate planning law is legal procedure involved in the building of an estate for the time when you will be incapacitated. Incapacitation here is a friendlier way of saying when you are dead and no more. A person planning to own an estate may be thinking of so many things. One of which is to determine who inherits his properties when he is incapacitated or what would be inherited by them.
Ordinarily, there are two types of properties one leaves when one dies. There is what is called the tangible property and intangible property. The tangible property which is also referred to as real property includes all your concrete properties like a housing estate, vehicles and the likes while intangible on the other hand is all about your money like your bank accounts, your insurance, your pensions and soon. For someone planning to have an estate is definitely trying to make tangible property the priority among what will be inherited when he is no more.
Planning an estate as expected, should not be a man’s job rather a collection of professionals. Estate planning lawyers are very invaluable in this case. For one reason, you will need legal documentation of the plan to be done by him and also your plan of distribution of your wealth and property when you are no more. For the other, reason is that at the stage of life you will definitely be having health and you would want to reduce your stress.
Another professional whose service will be highly needed by you is fiduciary. A fiduciary is someone that manages your estate planning and execution and makes himself available all the time for effectiveness and the success of your project. Fiduciary could be an individual or organization and this can also be done by your estate planning lawyer if need be.
Will as a term common in estate planning is a legal document that is highly confidential and which analyses management of owner’s property and distribution when one is no more. This is document is usually handled by either your family lawyers or estate planning lawyer. It is possible, however when there is the absence of will to do the transfer of ownership of a deceased’s property, then probate is employed. Probate means a legal procedure of transferring property of a deceased when there is no record of a written will.
Probate is contrary to inheritance in that the latter is also the transfer of ownership of a property by the will of the deceased. This is usually accomplished by an estate planning lawyer.
Estate planning law is a very crucial aspect of law because it deals with property accumulation and distribution. It also settles differences and conflicts in the family that normally ensued after the death of the real owner of the property they want to share. In this regard, you can file a lawsuit if you think there is foul play in the distribution of the property with two tangible tools: the first is a concrete evidence and the second is a lawyer planning estate.