Estate Planning Attorney East Greenwich, RI
Life can change at a moment’s notice, and without an estate plan in place, your loved ones could be impacted significantly. An estate plan is essential in ensuring that you can decide what happens to your assets when you pass on or become unable to make those decisions for yourself.
Estate planning is not only for the wealthy. Every person has an estate, no matter how small or large it may be. Estate planning attorneys are dedicated to helping you create the ideal plan for your estate. Look to an estate planning lawyer in East Greenwich RI to ensure you and your loved ones are well taken care of moving forward.
Preparing for the unexpected protects both you and your loved ones. An estate plan is the best kind of security you can provide your family. With a strategic plan in place, you ensure that your children receive the best support and care possible if you can’t care for them yourself. If you don’t create a plan, you leave your loved ones and other beneficiaries in the hands of a probate court judge who doesn’t know the situation and may not choose the best course of action for your family.
When someone passes on without an estate plan, there is a potential for conflict between beneficiaries. An estate planning attorney can ensure that when you pass away, it is less likely that your family members will argue with one another. If you have established an estate plan in Rhode Island, it doesn’t matter who thinks they deserve what. Your wishes are clearly defined and written out, so no individual can argue about what is and isn’t theirs. This calms family strife at an already difficult time.
With an estate plan, you can be sure that your assets are in the right hands. However, if you fail to create a plan for your assets, you’ll have no control over what happens upon your passing. With no plan in place, the probate court decides what happens to your belongings, property, and valuables — those assets could end up in the wrong hands. With the help of an estate planning lawyer, you can designate the heirs who’ll receive your property. You hold the reins by creating a specific plan according to your wishes.
Don’t Let the Government Decide Your Affairs
In other words, if you don’t put an estate plan in place, you are letting the government decide your affairs after you’ve passed away. An estate plan is as critical before death as it is after it. Preparing a written plan to express your wishes if you’re incapacitated, and your wishes after death is a crucial action you’ll take that affects your family directly. Your trust and/or will control who receives your assets once you pass on.
In addition, if you are unable to make medical decisions for yourself late in life, creating a trust and the appropriate power of attorney documents can ensure your assets are under control and that someone you name can make your medical decisions. You can surely see how having an estate plan in place simplifies and organizes your affairs. To get your estate plan set up, contact us to schedule a consultation at McCarthy Law, LLC and schedule a time to talk to a RI estate planning lawyer.
Services our Estate Planning Lawyers Offer
Our qualified estate planning lawyers offer a variety of services and can help you from the creation as well as implementing your desires after you pass away. Services we provide include:
- Helping you create your will or trust
- Designating your beneficiaries
- Finding solutions for reducing your estate taxes when possible
- Helping you avoid the probate process
- Setting up trusts that can help protect your assets both in your lifetime and after your death
Another way that a lawyer can help is through mediation should there be any contention following your death. Especially in the case where there are many beneficiaries such as multiple family members, contention can happen and it’s not out of the realm of possibilities for a dissatisfied party to try to contest and bring a will to court. Having an experienced attorney and executor can help prevent this.
Choosing an Executor
Part of a good estate plan should include designating an executor who can handle your assets following your death. You will want to choose an executor capable of handling your assets as spelled out in your trust or will. He or she will need to handle legal responsibilities that may include:
- Registering and arranging the funeral
- Assessing the estate’s value
- Paying inheritance tax
- Applying for probate
- Sorting through your finances
- Distributing the estate’s assets
- Keeping estate accounts
That’s why before nominating an estate executor, there are a few considerations to make.
What to Consider Before Designating an Executor
The most important thing to consider is nominating someone who will both have your best interests in mind and someone who is responsible enough to handle your affairs. Although it’s perfectly legal and not uncommon to designate a beneficiary as an executor, it’s better to choose someone who you know will get the job done. This may indeed include a beneficiary or it may include a neutral third party.
This doesn’t mean, however, that the executor necessarily has to be an accountant or attorney. Ultimately, what matters most is choosing someone who is responsible with managing money and who will seek help from an experienced party like an attorney when necessary.
It’s also a good idea to have a clause that stipulates another party as an executor should something happen to your first choice.
How Much Does an Estate Planning Lawyer Cost?
The total cost of an estate planning lawyer in Rhode Island can vary and may depend upon the size and complications with your estate. For having a living will drafted, the cost is generally between $250 to $500 dollars plus a potential notarized fee. Lawyers may charge a flat fee for their services or may ask to be paid hourly.
Contact us today at McCarthy Law, LLC, for a consultation and see how one of our experienced estate planning lawyer in East Greenwich, RI can help.