What is estate planning?
Estate planning or estate planning is the organisation and transfer of a person's assets (such as property, investments and personal assets). This can be done both during life (think incapacity, for example) and after life (in the event of death and inheritance).
Estate planning thus includes the drafting of legal documents. Examples include:
- Wills and bequests that give instructions on how a person's assets should be distributed with the intention of keeping inheritance tax as low as possible in mind
- Health care proxies and medical certificates. These documents then give instructions (if the person in question cannot (no longer) do so himself) on how a person's assets should be divided, who should manage these matters in case of incapacity and who may make medical decisions.
Several aspects need attention here:
- Tax elements. Estate planning may involve, for example, making an optimal gift to your children.
- Civil elements. These come into play, for example, when buying a house, flat, land ...
- Corporate elements. These come into play when a transfer of a family business is involved.
- International elements. Sometimes assets involve foreign assets, and so this aspect has to be taken into account.
Estate planning is therefore often a complex process.
Why is a lawyer interesting in estate planning?
There are several reasons why consulting an attorney can be useful if you want to prepare an estate plan.
First, a lawyer can help you understand the complex legal and taxissues involved in estate planning. Estate planning often involves different types of legal documents and strategies, such as wills and tax planning, which can vary depending on your situation. A lawyer can help you understand these complex legal issues and advise you on the best strategies for your particular situation.
Secondly, an attorney can help you ensure that your estate plan is legally valid and that your wishes are met. A valid estate plan requires specific knowledge and experience, and a lawyer can help you draft legally binding documents that are in line with the law and protect you from legal challenges.
Third, an attorney can help you assess and adjust your estate plan as your circumstances change. Your personal and financial situation may change over time, so it may be necessary to make changes to your plan. So that it always meets your wishes and needs.
In short, an attorney can help you create a legally valid and effective estate plan that meets your wants and needs and gives you and your loved ones peace of mind.