18/08/2023 0 Comments
Estate Planning: Your Questions Answered
Michael A. O'Connor Solicitors remain one of Ireland's most established estate planning solicitors. For years we have helped clients navigate the often complex process of ensuring their assets are divided correctly and in the most tax-efficient manner possible. Of course, clients in the estate planning process inevitably have questions. Therefore, we have compiled some of the most common questions and added comprehensive answers below.
What is Estate Planning?
Estate planning primarily revolves around effectively transferring wealth to the succeeding generation. Estate planning is universally relevant. Failing to establish a plan can lead to prolonged and expensive repercussions for those left behind.
Estate planning empowers individuals to dictate the future allocation of their assets precisely. Without an estate plan, the courts must intervene, a process that can span years, incurring substantial legal expenses.
What does an estate planning solicitor do?
An estate planning solicitor assists with creating a will ensuring its correct witnessing and execution. This guarantees the distribution of one's assets in alignment with their wishes upon their demise. Comprehensive advice on the tax implications of transferring assets to children and other beneficiaries is also provided by an estate planning solicitor.
What are the benefits of estate planning?
The benefits of estate planning include:
- Securing the transfer of homes to the specified beneficiaries in the event of a death
- Sustaining a family business within the lineage across multiple generations.
- Making the process as tax efficient as the process
Who requires Estate Planning?
Irrespective of the extent of their estate, everyone requires an estate plan. This plan permits you to assign a representative to oversee your assets if you become incapacitated and determine how your property should be allocated.
Do you still have questions regarding estate planning? We invite you to contact our solicitor's office today and schedule an estate planning consultation. Our team of estate planning solicitors cut through the legal jargon and can advise you on the proper estate planning procedures for your requirements.