Estate law deals with the regulation of wills, trusts, probate, and other subjects related to the distribution of a deceased person’s estate. Our attorneys have decades of experience when it comes to estate planning, so you can rest assured you and your loved ones are in good hands.
We know estate planning can feel overwhelming; all the aspects of estate law coupled with the legal jargon can be confusing at first. To help you understand the importance of estate planning, we’ve broken down the different elements below:
What is an ‘estate’?
An “estate” refers to the net worth of a person at any time, living or dead. It is the sum of their assets – legal rights, interests, and entitlements to property – less all liabilities at that time. It is the property that a person owns or has legal interest and is often used to describe the assets and liabilities left by a person after their death.
What is ‘estate planning’?
“Estate planning” has to do with the transfer of someone’s assets, such as their property, belongings, and finances among a variety of other personal matters at the time of their death. Wills, Power of Attorney, and Trusts are all common tools used in estate planning.
Our attorneys at Kazembe Law help you plan your estate thoroughly by ensuring all your assets are accounted for to help facilitate a seamless execution in the event of your passing. Although thinking about the distribution of your assets can feel uncomfortable, it is vital in ensuring your estate is handled in accordance with your wishes and can help avoid disagreements and conflict among your loved ones.
What is a ‘will’?
A “will” is a written document that takes effect after a person’s death. It describes an individual’s wishes as to how their estate should be handled and distributed after their passing.
What is a ‘power of attorney’?
A “Power of Attorney”, commonly referred to as a “POA”, is a legal document that gives someone else the right to act on your behalf if something happens that prevents you from making decisions on your own.
There are two types of a“Power of Attorney”. Power of Attorney for Personal Care enables the person you appoint to make decisions about your health care, housing, and other aspects of your personal life if you become mentally incapacitated to make such decisions. The second type is Power of Attorney for Property, in which the appointed is responsible for making decisions about your financial affairs.
Many people believe that their families can simply step in and make decisions should they no longer be able to, however, this can lead to problems as family members may disagree as to who has the right to make decisions regarding your medical care or your estate.
What is a ‘trust’?
A “trust” is created for the purpose of holding property, funds, or assets, for a particular person referred to as the “beneficiary”. It is managed by an individual known as a “trustee” who has an obligation to deal with and manage the property for the beneficiary of the trust. Our lawyers can help you understand the various types of trusts so you can determine which is best for you.
Our team has extensive experience in preparing wills, trusts, and other estate-related legal documents. Contact us today to set up a consultation and begin planning your estate.