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Are you trying to learn estate law? We put together this article to explain the things you should think about when doing estate planning. We have estate law lawyers in both BC and Ontario.
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You can also reach out via the live-chat function. Further, you can book a consultation on our main webpage. A lawyer near you will then call you at the time that you pick.
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An estate lawyer can do estate planning or estate litigation. When there is a problem with an estate, a litigator comes in and tries to fix the situation. Many estate cases represent one of the kids when they feel they were incorrectly left out of the will. A kid might feel that a nurse had their mother sign over the title of their house under pressure.
There are different types of lawyers. Some estate lawyers focus on what the law says. They try to show the law to the judge, and they hope this will lead to a favorable judgment for their client.
There are some lawyers who don’t focus much on the law at all. Instead, they focus on using tricks to put pressure on the other side. Senior lawyers will know a lot of tricks to use. Keep in mind that lawyers cannot do anything illegal.
You should hire an estate law lawyer that fits with your personality.
- doing the administration of an estate
- estate legal issues
- doing estate planning
- dealing with real estate
- estates and trusts
- dealing with life insurance
- handling bank accounts
- power of attorney
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It’s important to make sure that the estate law lawyer that you hire understands taxes. When someone dies, there are major tax applications. If you hire a lawyer to create a last will and testament ( a will) and they don’t understand taxes, half the money might go to the government. Obviously, people want to pay the minimum amount of taxes possible. Further, you want your inheritance to go to charity or your family, not the government. Also, if a lawyer is an estate planner, they need to focus on knowing the tax law.
Most people want to leave their kids a legacy, not just an inheritance. If you leave them an inheritance, the kids come to town and pick up the assets and sell them. Most people would burn through the inheritance within a few years. With a legacy, the assets get left in a trust, and the money gets distributed over time.
You can even leave things for the grandkids when they turn of age. It is possible to do a lot more with an estate trust.
You want to think about who has shaped your life over the years. Further, maybe there is someone who mentored you who is not in the family. Therefore, you might want to consider adding them in your last will.
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It’s also important to think about if you want to leave money to charity. Have you lost loved ones to a specific issue? Maybe it was heart disease or cancer? Some people want to leave money to the grandkids instead of their children. They feel they have done enough for their kids over the years.
You can use a trust to motivate your kids or grandchildren to hit specific goals. Maybe if your grandchild gets into Yale or Harvard they will receive $100,000. If they get into a lower school they will receive $50,000. You can set the family estate trust the way you want it.
You don’t want to create a “trust fund baby.” Where the money unmotivates the child to try and make their own way in life. Instead, they spend their time partying in Las Vegas. Also, think about if someone wins the lottery. They can’t handle their new life and they start drinking too much and buy a fast sports car. A few years later they crash the car and die. This sort of thing happens all the time.
In conclusion, you can also use an estate trust to encourage someone to start a business. Speak to an estate law lawyer about setting up your estate.
Read more articles:
- Legal Innovation Zone
- Business Lawyer New Westminster | BC
- COVID-19: Lawyers Closing Offices For Good
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