Estate planning is a process that can benefit people at many life stages. Thoughtful planning for the future can provide peace of mind for you today and stability for your family’s future. Making the big decisions about your estate now means taking advantage of the time available to consider the best options.

However, thorough estate planning is a multi-step process that’s best aided by help from an experienced will lawyer. There are several milestone decisions to make. With professional help from will lawyers in Edmonton, you can move forward with all the correct information.

This article explores a high-level overview of the estate planning process and what’s involved. Here’s what to know.

Speak With an Estate Planning Lawyer

Connecting with a lawyer early in the process provides the most options for your planning. Even something that seems simple, like your final wishes, can be more complex when you engage with the process. A lawyer can help you understand options and express your wishes on matters such as funeral arrangements, allocation of your assets, and more. Making thoughtful selections for individuals to fulfill different roles in your estate is also essential.

With solid legal support, you can proceed confidently. A lawyer helps you see the issues and challenges of estate planning from every angle. Meanwhile, they also ensure that all the legal paperwork is complete and in order.

Structure a Last Will and Testament

The will is a fundamental part of an estate plan and the defining direction for your estate after your death. With a will, you can specify how to distribute your estate’s assets, including cash and real estate, to family and loved ones. A thoughtful will provides a rigid framework for distribution, which helps reduce the potential of familial conflict over the estate. A will is also essential for making the probate process smoother and less stressful.

Make Decisions About Power of Attorney and Personal Directives

While the will defines what happens after your life, elements of the estate planning process protect your wishes during your lifetime, too. There may come a period when one loses the capacity to make certain decisions independently. In such cases, having a Personal Directive and an Enduring Power of Attorney is essential.

A Power of Attorney document allows a designated individual to make financial decisions on your behalf following a declaration of incapacity. A Personal Directive allows a designated individual to make all personal and non-financial decisions on your behalf. It can also provide instructions and guidelines on your wishes for making medical decisions, such as continuing life support or lifesaving procedures, or instructions on living arrangements and other factors. Both instruments are indispensable.

Determine if You Should Create a Trust

A will only transfers assets to your loved ones upon death. A trust, on the other hand, is more flexible. Trusts are storehouses for your assets and allow you to transfer more into the trust or from the trust to individual family members. Trusts also allow you to transfer your assets to minors upon your death, and stipulate conditions on how that property may be used. Exploring trust creation can be very important for valuable estates and individuals who want to maximize the support they can provide to their families. Experienced legal insight is essential for structuring a trust plan that’s advantageous to your family and aligned with the tax code.

Use Experienced Legal Advice to Chart a Path

As we’ve seen, there are many layers to the estate planning process. Tax considerations, asset transfers, and designating trusted individuals are all areas that benefit from the support of a will lawyer.

At Lypkie Henderson, we believe strongly in helping others provide for their families by protecting their assets. Working with will lawyers in Edmonton allows you to explore the ideal way to structure your estate now. Just as importantly, we can support you over the long term, keeping your completed plan up-to-date with any changes that may become necessary over time.

Contact us today to learn more about taking the first steps in your estate planning journey.