Estate Planning Lawyer Miles City, MT

By connecting with a knowledgeable Miles City, MT estate planning lawyer from Silverman Law Office, PLLC, you’ll be placing yourself in an unusually proactive position. Very unfortunately, it is widely estimated that fewer than half of all American adults have an estate plan in place. As a result, more than half of the population is risking the scenario that when they either pass away or are incapacitated by an injury or illness, their loved ones will be left scrambling to discern how they want their affairs to be managed.

Your proactive instincts are going to serve your loved ones well. By ensuring that you have a comprehensive, legally-enforceable estate plan in place, you’ll spare them stress, time, money, and frustration while they are newly grappling with the challenges of your incapacitation or death.

Estate Planning Lawyer – Miles City, MT

Due in-part to the fact that estate planning is rarely discussed in popular American culture, It is understandable that few adults are aware of the fact that a comprehensive estate plan involves more than people last will and testament. Wills primarily focus on asset distribution in the event of someone’s death. However, our firm can help to ensure that you are that your wishes are honored in the event in the event that you are incapacitated by illness or injury, that you can pass along assets to your loved ones during your lifetime with minimal tax liability, and that your children and pets are taken care of in the event of your unexpected death.

Crafting an Estate Plan That Meets Your Needs

Our dedicated Miles City estate planning lawyer team tailors our efforts to meet the unique needs of every client. All too often, online estate planning resources treat the treatment treat the process of estate planning as a size fits all undertaking. In reality, everybody needs and the state plan that is uniquely suited to meet their needs as they evolve over a lifetime. This is one of the reasons why it’s important to work with a lawyer instead of attempting to “DIY” your estate plan. It is very unlikely that your needs cannot be adequately and enforceably addressed utilizing generic online templates alone.

Also, when working with Silverman Law Office, PLLC, you can trust that we’ll keep you informed about any developments to the law and estate planning landscape that could benefit you. For example, it wasn’t so long ago that the concept of digital estate planning (preparing to have one’s online footprint managed effectively after one’s death) was a foreign concept to most Americans. Now, our firm integrates digital estate planning into all of our client-focused and detail-driven planning efforts.

Estate Planning Terms

A Miles City, MT estate planning lawyer understands that planning your estate can feel a bit overwhelming. Not only are you dealing with a subject that most people try to avoid talking about – your death – but there are also many legal terms that you may not be familiar with. The following is an overview of some of those terms. For more details, contact Silverman Law Office, PLLC.

Administrator – If there was no executor named in the will or the named executor is no longer able to serve or is not interested in serving, the court will appoint an administrator to oversee the probate of the estate.

Conservator – If a person becomes incapacitated, the court can appoint a conservator to oversee their financial affairs.

Decedent – What the person who died is referred to.

Estate tax – This is a federal tax on the assets of the estate that the decedent has left to their heirs. This tax is calculated on the total value of the estate and not on the individual asset value of that each heir receives. Some states also have estate tax that may need to be paid, as well.

Executor – This is the person that the decedent named in their will who they have entrusted the managing of their estate and who will make the final dispersions of the decedent’s assets after making sure all of the debts have been satisfied.

Guardian – If a person becomes incapacitated, the court can appoint a guardian to oversee both personal and financial affairs. A guardian can also be appointed for a minor child if the parents have died.

Heir – This is the person who the decedent named in their will to inherit assets and/or property. If the decedent did not have a will, then heirs will be determined according to the laws of the state the decedent resided in.

Intestate – If a person dies without any type of estate planning tools in place that specifies how their assets should be dispersed, this is referred to as dying “intestate.”

Last Will and Testament – The last will and testament is the legal document that specifies how a person wants their assets and property distributed after they die.

Power of attorney – A power of attorney is a document that a Miles City estate planning lawyer can draft for a client that authorizes a third party to oversee the client’s financial affairs should they become incapacitated or too ill to do so themselves.

Probate – This is the legal process that an estate must go through before the executor is able to disperse any assets or property. The probate process typically takes approximately one year. It is during this process that anyone can contest the will or any creditors can file claims for the money owed to them. Once the probate process is complete and the probate court overseeing the case has given its stamp of approval, the executor can then distribute the assets to the heirs. A Miles City estate planning lawyer can assist with this process.

Testator – The person who made the will.

Legal Assistance Is Available

Your needs, priorities, and preferences matter. Help to ensure that they are honored in the event of your incapacitation or death by working with our Miles City estate planning lawyer team to craft a uniquely-tailored plan today. We look forward to speaking with you.