Wills & Estates, August 2, 2023 - by Lypkie Henderson

Structuring an Effective Estate Plan With an Estate Lawyer

Effective estate planning provides peace of mind for you and your family. With the understanding that you have firm plans for the future, you can put your focus elsewhere — instead of navigating challenging questions during a difficult time later. Experienced support during this process is key to ensuring everything is in place as you intend.

With support from Lypkie Henderson estate lawyers in Edmonton, you can build a plan that aligns with your needs. How does that process work? Let’s briefly overview some of the elements involved in this important process.

Consider What Your Wishes Really Are

It’s a good idea to consider what you want before beginning. A lawyer can clarify what’s possible and what pathways might benefit your planning. However, no one can decide your wishes for you. Before you start this work, consider sitting down to discuss plans with your family. A lawyer can also help you understand areas where you’ll need to make decisions.

Connect With a Lawyer Who Understands Estates

The right kind of legal experience is essential in this space. There are many layers to estate planning, from ensuring the proper execution of your wishes to finding valuable opportunities to reduce the tax liabilities associated with your finances. Carefully choose an estate planning lawyer with a proven record of excellent client support and a commitment to your satisfaction.

Explore Powers of Attorney and Personal Directives

There may come a time when you can no longer make decisions for yourself regarding situations such as finances, healthcare, or living arrangements. Setting up a power of attorney with trusted individuals is a key step towards ensuring that there is a way for someone to follow your wishes. Speak with your lawyer about what elements of your estate should be settled to provide a foundation for the remainder of your life.

Will Trusts Be Right For You?

Trusts ensure that you can adequately control your finances during your lifetime while also simplifying the distribution of your assets after death. Your approach can vary based on your current assets, expected future earnings, and other elements. This is another key area where you want to explore all possibilities with your lawyer.

Tax Planning is an Essential Consideration

Don’t forget to ask questions about tax considerations. A major advantage of estate planning is ensuring that your family receives as much of the value of your estate as possible. With our understanding of the tax code, as it relates to estates, trusts, and more, we can help you take advantage of provisions that will help you the most.

Finding the Estate Planning Help You Need

Thinking forward to how to make the future a better place for your family is a valuable investment. With the assistance you need, you can navigate the process to build a plan that aligns with your family’s needs and your wishes. Undertaking the planning process early provides confidence and reassurance while leaving room for you to make updates or changes later.

Explore friendly help from our estate lawyers in Edmonton and work towards improved peace of mind today.

Lypkie Henderson Author

Move Forward with Confidence

We know that many areas of law can be overwhelming. Whether it’s your estate, job, or business, mountains of legal documents should be the least of your worries. Let us take care of the details so you can move forward confidently into the future.