You can spend the whole of your life trying to trying to acquire an asset. The estate can either be small or large. This may include checking, savings, or any investment accounts that you may have or any other property you possess. An estate may also include both movable or immovable property.
Most people have movable properties such as clothing, coin collection, car, paintings, and a mobile home. Renting a home gives you one of the most valuable immovable properties in the region. Land and permanent structures form what is widely known as real or immoveable property.
You may work so hard to build an asset even without knowing what you are really doing. It can be very disappointing to get your family members fighting over it once you pass on. A reputable Estate Lawyer Winnipeg can prevent such tragedies from taking place. An estate lawyer will help you to protect your assets so that they end up where you would like them to go.
- Drafting your will
One of the primary responsibilities of a real estate attorney is to assist his clients in drafting their wills. No one should fail to have a will in the modern world. Make sure you put your wishes on how you intend to subdivide your estate among all the beneficiaries on paper. This should include both the moveable and immovable property. Don’t allow the court to make this decision after you are gone as it will charge your heirs a large sum of money. It’s wise to leave behind a will because it will not take your beneficiaries a long time to subdivide the estate amongst themselves.
- Creation of a Trust
Creation of a trust is an alternative to the will. A trust allows you to put all your assets in a single account and then appoint a trustee to oversee them in your absence. The primary responsibility of the trustee is to divide the asset appropriately. A trust comes in handy if you have young children. They will be able to get their portion of inheritance after attaining a particular age as they are still too young to handle the property. If you are commissioned as an asset lawyer, you can also assume the responsibility of protecting the trust if the need arises.
- Advanced Health Care Directives
This legal document is also referred to as a living will and it makes sure that none of your wishes will be violated with regard to your health. For example, you may get involved in a deadly road accident that will make you incapacitated or suffer from an ailment such as Alzheimer’s that will affect your ability to make decisions. The estate lawyer will make sure that your rights are protected to the end.
Your estate should be divided upon your will in case you die. This depends on the decision of the court just in case there was no will or trust. The probate is a legal process that goes through the court after paying some fees to the court. An estate lawyer will help the beneficiaries of the property owner to go through the whole process of dividing the wealth.
In conclusion, we have a big chunk of people who still don’t write their will. It is very dangerous to lack a will and a personal health insurance. Young people shouldalso plan for their future because accidents take place each day and they have equal exposure. You need to plan for your life whether you own little or much assets.