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Estate Lawyer Cornwall

While there are several reasons why individuals choose to consult with an estate lawyer Cornwall planning attorney and prepare an estate plan, here are five of the most important.

1. Avoiding Probate

A probate is the process of certifying a dead person’s will, valuing their assets, paying their last debts and taxes, and dividing the remaining assets to their heirs. The most frequent reason individuals seek the guidance of an estate planning lawyer is to avoid probate. Even though many people have never dealt with probate, they all agree on one thing: they want to avoid it at all costs. This is due to media coverage of probate horror tales or anecdotes relayed by neighbors, friends, or business acquaintances.

Avoiding probate is a very solid reason for making an estate plan for the great majority of individuals, and it is extremely easy to do.

2. Reducing Estate Taxes

Many individuals are motivated to create an estate plan because of the large loss of their wealth due to the payment of state and federal estate taxes or state inheritance taxes. By including AB Trusts or ABC Trusts in their wills or revocable living trusts, married couples may minimize or perhaps eliminate estate taxes entirely. Furthermore, both married couples and individuals may employ a number of sophisticated estate planning tactics to reduce or eliminate the estate or inheritance tax liability.

3. Avoiding Making a Mistake

Many customers seek the counsel of an estate planning lawyer after either witnessing or seeing a friend or colleague suffer a major loss of time and money as a result of a loved one’s inability to form an estate plan. Choosing someone to be in control if you become mentally disabled or die, as well as determining who gets what, when they receive it, and how they get it, will go a long way toward preventing family feuds and expensive probate court battles.

4. Protecting Beneficiaries

People create an estate plan to safeguard their beneficiaries for one of two reasons: to protect small beneficiaries or to protect adult beneficiaries from poor actions, outside pressures, creditor difficulties, and divorcing spouses. If the beneficiary is a child, states require the appointment of a guardian or conservator to handle the minor’s needs and finances until the minor reaches the age of legal adulthood—either 18 or 21, depending on the rules of the state where the minor resides.

By taking the time to choose trustee and guardian for your minor beneficiaries, you may avoid family strife and hefty legal fees. Alternatively, if the recipient is already an adult who is lousy with money or has an overbearing husband or partner whom you worry may waste the child’s inheritance or seize it in a divorce, you can draft an estate plan to safeguard the beneficiary.

5. Safeguarding Your Assets

Asset protection planning has grown in importance as a cause for many individuals, even those who already have an estate plan, to consult with an estate planning attorney. Once you become aware or think that a lawsuit is imminent, it is too late to implement a strategy to safeguard your assets. Rather than that, you should begin with a good financial strategy and follow it up with a complete estate plan that will safeguard your assets for the benefit of both you and your heirs throughout your lifetime.

Do You Need an Estate Lawyer Cornwall?

Contact Langevin Lawyers now for an experienced and recognized estate planning lawyer; you and your loved ones will be pleased you did.

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Ottawa Office
130 Albert Street, Suite 1710 Ottawa, ON K1P 5G4
Office: (613) 237-0006 Fax: (613) 237-0008

Cornwall Office
42 Second Street East, Cornwall, ON K6H Y13
Office: (613) 936-0006 Fax: (613) 936-9076

Alexandria Office
32 Main Street North, Alexandria, ON K0C 1AO
Office: (613) 525-1358 Fax: (613) 525-3411

PO Box 1169, Building 208, Sinaa Street, Iqaluit, NU X0A 0H0
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