Any assets you own upon your death will be distributed to your heirs as directed in a will or a living trust. One option is to sell assets like real estate or other items of value and then divide the proceeds among your heirs. Another is to leave directions to give certain assets to certain heirs. If you don’t have a will when you die, any assets that would’ve normally gone through probate would go to your closest living relatives, usually your children, under the direction of intestate succession laws.
Will or a Living Trust
An estate law lawyer in Wyomissing, PA can explain the options to you when you’re ready to decide what should happen to your assets after you die or become incapacitated without the ability to make decisions. Anyone who has children, owns real estate, or has a great deal of money or other valuables needs to have a will or a living trust prepared in case something happens to them.
As an estate law lawyer will explain, when you leave a will, everything left to your heirs has to go through probate, which can take several months to settle your will. However, by leaving a living trust, you can help your heirs avoid going through the probate process and receive their inheritance much sooner. Probate attorneys can explain the advantages of avoiding the probate process and leaving assets in a living trust as opposed to a regular will.
If you own real estate, real estate lawyers can make sure a transfer or sale of the property goes smoothly when the time comes. Trusts can be updated whenever life events change, such as having children, purchasing property, or getting remarried. An estate law lawyer can help you keep this information up-to-date as your life changes.
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