There are few things as important as looking after your loved ones, and ultimately that is what estate planning is all about. You need to figure out who is going to receive what, in terms of being a beneficiary. Of course, this is not all on you. The best way to handle estate planning is simply to have a good financial lawyer walk you through the process, such as the qualified professionals at Wiegand Attorneys and Counselors.
There are many different aspects of estate planning, but basically it all comes down to how your estate is going to be broken down and distributed. There are many laws governing how this is allowed to work, and chances are it is not something that would be easy for you to navigate. That is why you have an estate lawyer, though. They make sure that you are executing the will exactly correctly, as per the wishes of the person who is deceased. Of course, estate planning can get tricky sometimes. One example is the fact that estate planning often involves some of the assets being seized by debt collectors. This is sometimes allowed and sometimes not, and if you have a good estate lawyer you may be able to avoid it.
Another potentially awkward situation that arises out of estate planning is when the person who owns the estate is losing their mental abilities, and is ultimately not fit to make the decisions themselves. This is fairly common, but knowing exactly what to do and when is not always clear. First of all, there are varying degrees of decline, and it is difficult to establish whether or not someone is mentally capable of caring for their estate. That being said, if you do think that it is time to look into this, you need a lawyer who specializes in elder law, which has to do with exactly that. Elder law specialists will be able to help you figure out whether or not elder law is necessary, as well as how to go about taking over power of attorney for someone else.
In addition to estate law, financial attorneys do a variety of other things. Businesses, in particular need to make use of their services in order to be successful. Business law is, much like estate law, potentially very complicated. Because of this, it is important to take the time to sit down and discuss everything with your business lawyer. If you are in the initial phases of setting up your company, you will need a business lawyer to guide you through how to file paperwork, as well as what to set up your company as. If you want to avoid being held liable for all of the debts of the company, you will need to set it up as a LLC, or limited liability corporation. The reason this is the best choice, if that is your intentions, is the fact that an LLC protects your private assets, while a sole proprietorship does not.