Today we are going to know about the estate planning lawyers and what all kinds of wills they are working upon.
So before we get into the details let us know little bit about what is estate planning and what do the estate planning lawyer Cherry Hill do.
What is estate planning and estate planning lawyers?
People make investments in properties at sometime during their lives for extra income or any other benefits, in a long run these people would want their future generations or loved ones to reap the benefits of their investments even after their lives are over. There are many ways that you can pass these benefits to your loved ones without them going through much of paperwork and trouble with other people like nomination, will, setting up of society etc however to get any of these option to come alive we need Estate Planning Lawer”.
What is Estate Planning Lawyer?
The job of an estate planning lawyer is related to wills and trusts or societies. Such lawyers not only help you in creating wills but will also guide you through setting up of trusts or society which in future will help your children or loved ones in difficult times.
Today let’s talk about the basic kinds of wills these lawyers work upon .
- Simple Will
This kind of will includes the nominees for any minor child in the family or whom do you want to transfer your assets to.
- Testamentary will
In this kind of will you appoint a trustee for your trust To take care of your assets. This kind of will helps when you have a minor beneficiary who can not take care of your assets till he/she come of a particular age.
- Joint will
The joint will is also known as mirror will and is signed between two people for the other testator. This is generally signed between spouses as the other partner will automatically inherit the assets after one’s demise. But there is one problem of non flexibility as the will can not be changed after the person is gone however the wishes or priorities of the living partner may change.
- Living Will
The living will allows you to take decision on the treatments you would like to take while you are alive but incapable. In this kind of will you can also nominate someone to take decisions on your behalf if you can’t take one for yourself.