Estate planning is the process of managing
and parceling out an estate to reduce the taxes owed and to transfer assets to
beneficiaries after someone dies. The goal being that all of your financial
wishes are met upon your death and are not determined by a court.
You plan your estate through legal entities
like trusts, wills, powers of attorney, health care surrogacies, etc. These are
critical legal tools that will help your spouse and your family after you die
and avoid having your estate go into probate and be settled by a judge.
When you begin to make a plan, you will
want to go through an attorney to make sure that all of the requirements are in
order for your final wishes to be carried out appropriately as per the laws in
your particular state. There are some things you can do to prepare to meet with
your estate planning attorney.
Steps In Planning Your Estate
The first of these is to get your documents
in order. You will want the names and addresses of all parties that are
associated with your assets. Bank account information, pension and retirement
plans, insurance information, household inventory lists, debt list, etc. are
all things you will want to bring to a meeting with your estate planning
attorney. You want to provide as much information as possible so they can
prepare your estate plan as well as possible.
When seeking out an estate attorney, there
are some things you will want to ask. You will need to know how much they
charge for their services, how best to reduce your tax requirement after death,
are there any apparent problems with your wishes, are arrangements in order for
children, and how often should my will be updated? These are all things you
will want to cover initially before beginning your plan.
Where To Find An Estate Attorney
One of the best ways to begin finding an
estate attorney is through references. Ask family members and friends who they
would recommend. Other people you use can be of help to such as financial
advisors, accountants, attorneys you have used in the past, or contact the
local bar association. Advertisements can provide information on estate
planning attorneys but make sure you ask all the questions you need to before
settling on someone to use.
You can also do research online and visit
websites of estate attorneys in your area. Good attorneys will have a site that
will explain the estate planning process and might even have testimonials from
happy clients.
You will want to make sure that your estate
is planned for and that your wealth, no matter how small, is distributed as you
want it to be upon your death. At a minimum, people should plan for a power of
attorney and have a will to ensure that you and your assets are properly
planned for when the time comes to divide up your estate. An attorney that
specializes in estate planning attorney is the best choice for this job.
Acquiring your own estate planning attorney
can prove to be a simple venture as per the aforementioned factors and there
are an ample amount of benefits that are associated with acquiring your own
personal estate planning attorney. Although there is a myth that estate
planning will only benefit those of an affluent nature, every individual
throughout the nation will have the ability to reap the benefits of estate
planning. If for no other reason than to make things go smoothly for your
spouse and family.
Benefits of An Estate Plan
One of the largest benefits of having a
plan are reduced estate taxes. Considering that you will be provided with the
opportunity to gift assets such as stocks or gifting interests that are related
to corporations, this will enable you to lower the value of your estate. Due to
the fact that once these assets are gifted, they can no longer be held against
the value of the estate, the property taxes will inevitably decrease.
Another benefit to acquiring an attorney
for your estate needs is that it will provide individuals with the opportunity
to keep their family members from having to spend a copious amount of money
relating to taxes, litigation expenses, and other unnecessary expenses that may
arise. With the opportunity to discuss your estate planning with a certified
lawyer you will be able to ensure that all extra costs will not affect those
within your family.
But the biggest benefit is the peace of
mind having a complete estate plan will bring. Knowing your spouse and family
are cared for and won't have to deal with sticky legal issues is by far the
biggest benefit.
As previously mentioned, estate planning
enables the individual to ensure that particular individuals receive certain
assets that you may have. With the use of a proper will and other legal
documents you will be able to specify which individuals will be the rightful
heirs and which individuals will receive other assets that you wish to delegate
amongst your family. With the opportunity to legally determine who receives
which asset you can rest assured that all belongings will be separated equally
throughout your family or in whatever fashion you desire.
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