Definition of Estate

Some people commit the mistake of drafting wills on their own. Estate planning lawyers can attest how often this has resulted in unnecessary stress to your loved ones when you die. Estate law can be quite complex and wills and trust are serious legal matters. Do not be tempted to appoint an heir or make decisions without getting legal counsel from experts. Having an estate lawyer assisting you as you write a will ensures that all aspects of estate law will be explained to you. Seek legal help from Orem estate planning attorneys before you create a will to ensure its validity. After all, the estate assets that heirs inherit are often quite significant.

Inheritance refers to the passing of wealth (contents of a bank account, personal property, real property, among others) from a person to the succeeding generations. These account for a significant proportion of wealth throughout the United States and even in other parts of the world. Since there is a tendency to entrench wealth in specific families or social classes, inheritance partly contributes to inequality, although it is just one of many factors.

There is no one way to manage an estate. Most of the time, they are divided among family members of a decedent, except if there are cases wherein a particular family member is disinherited. Get the services of a trusted estate planning attorney so you can be assured that the estate plan you create will be beneficial for appointed heirs and beneficiaries. A competent Orem estate planning attorney can also explain the definition of an estate under relevant state law.

Definition of Estate An estate refers to everything that comprises the net worth of a person. This includes cash, personal possessions, financial securities, real estate, and land, and any assets that are owned by the said person. Colloquially, it often refers to the house of a prominent family which has historic significance or the homestead, farm, land, or vast property of a particular clan. The definition used today is more encompassing.

An estate pertains to the economic valuation of an individual’s assets, investments, and interests. While real estate and other physical assets are common examples, legally, the term may also include personal belongings, collectibles, art collections, and antique items or furnishings. Financially, estates refer to any asset of value. In an overarching way, it also refers to the total of these assets minus liabilities (to creditors and other entities), or essentially the net worth of an individual. Estate planning is concerned with the management of all these, specifically when they are to be transferred or distributed to your surviving spouse, children, or even grandchildren when you pass away.

The total value of one’s estate is particularly crucial when estate taxes are discussed. Due, in part, to the stagnation in the movement of wealth associated with inheritance, such are usually taxed. An estate tax or inheritance tax is often required under relevant tax laws. Orem estate planning attorneys can explain this in more detail. Inheritance taxes could be quite large, and it is not uncommon for someone who inherited substantial assets to sell part of it to cover the tax bill.

It is usually advised, to both a testator drafting a will and a would-be beneficiary, to have estate attorneys supervising the steps they take. Inheritance taxes are notoriously complex and exorbitant, and supervision from a reliable local attorney will make sure that you pay these correctly.

Orem estate planning attorneys can also advise someone making a will on possible ways to reduce taxes associated with the estate. One of these is establishing trust. Some are not aware that a last will and testament is not the only way to distribute one’s assets. Setting up trusts generally provides better asset protection and is useful in avoiding probate. An estate attorney who specializes in trust law can provide legal counsel on how you can avoid probate since the probate process is quite complicated.

Before you create a will and make decisions on heirs you want to appoint, make sure to get in touch with estate planning lawyers. Getting the legal services of good estate attorneys will also ensure that wills and trusts are made to follow all estate laws.

Choose a law office that specializes in trusts and estates. If you have questions on last wills and testaments, living wills, living trusts, succession, or power of attorney, give us a call. Call our Orem estate planning attorneys at Gravis Law for reliable legal representation and estate planning services.