We at Athena Law know that thinking about the future can be daunting. We offer simplified solutions and advice to guide those responsible for administering the estates of loved ones and to those considering their own estate planning, including putting together a legal will. There is no better peace of mind than knowing that you have put your affairs in order and left your loved ones with a clear roadmap to carry out your wishes while saving both time and money.
Our St. Lucia legacy planning lawyer understands that there is emotion involved in making these decisions. That is why we will take the time to ensure that you understand your options and that you are comfortable with your choices.
If you have responsibility for someone’s estate after they have passed away, we understand that this is a sensitive time and are here to ensure that you fulfill your legal obligations and that the wishes of your loved one are respected. Feel free to reach out to us with any questions.
What is an Estate?
Nearly every person owns an estate of some kind. This typically contains residential and commercial property holdings, any cash present in bank accounts, retirement funds, and other items that have a tangible monetary value. An estate also encompasses debts such as overdue loans or money remaining on a mortgage. Effective estate planning will dictate the distribution of these assets and payment of debts.
In addition, an estate plan can ensure that minors receive the care they need. If a person creates a trust for their grandchild’s college education, a third-party trustee must hold that money for that express purpose. A St. Lucia attorney who is practiced in legacy planning could provide more information on the specifics of what is included in an estate and the best ways to ensure proper distribution.
What is the Purpose of Legacy Planning?
Typically, when an individual who does not have a will or trust established, a designated power of attorney, or other legacy planning document in place, their assets will be distributed according to rules established by the law. This does not often align with a testator’s personal desires and does not guarantee the desired outcome.
However, the creation of a legacy plan will ensure that assets are distributed in accordance with your wishes. For example, a will may state that assets should be sold and the proceeds distributed among immediate family, siblings, or even a charity. Minor children can be protected by the appointment of trustees to secure their interests. A trust may dictate that the proceeds from the sale of the decedent’s home will be used to fund a scholarship or other charitable causes.
Disputes over the legality of an estate plan or the validity of a will do happen. For this reason, it is crucial to have guidance during the estate planning process to ensure legal validity and proper execution. A St. Lucia attorney could help provide more information concerning the purpose of estate planning so that individuals can better understand the process and make the decisions that best suit their needs.
Let A St. Lucia Legacy Planning Attorney Help to Protect Your Family’s Future
Retaining control over one’s assets upon death is a critical part of most people’s plans for their families. While individuals who pass on without any estate plan will relinquish their assets to their default heirs as established by law this may not be your wish. With a solid estate plan, you can ensure the peace of mind that comes with knowing that you have provided for your loved ones.
A St. Lucia legacy planning lawyer could help you make the proper arrangements for the future. They can work on drafting legally binding wills, evaluate your desires to create trusts, and take the proper steps to ensure that your assets are cared for after death.