Who should I choose as my executor? There is some debate among experts whether a family member is the best choice. However, all experts agree it’s crucial to choose someone who is willing to seriously perform the duties required of an executor.
Having a good attorney to guide you through the estate planning process is critical. Not only can they give you advice on your options, but they will be apprised on current updates on laws (such as the federal estate tax exemption) that change regularly.
One of the best-known examples of a pet getting a large inheritance involved Trouble, the white Maltese owned by Leona Helmsley, real estate heiress. In 2007, Trouble inherited $12 million and lived a life of luxury until her death in 2011.
So what should go into your will? This can include everything from burial preferences and instructions to estate settlement issues, guardianships, and the bequeathing of property and items to heirs.
Estate planning involves more than dividing up a large amount of property and assets. Experts recommend that everyone engage in estate planning, which includes vital actions like creating a will and power of attorney.
In addition to traditional assets, an estate planning attorney can help you define how digital assets should be handled. What are digital assets? They include blogs, social networking sites, business accounts, domain names, and other online accounts and internet properties.
Did you know that estate planning encompasses more than the distribution of your assets? Estate planning also includes creation of living wills, medical care directives and power of attorney documents.
Estate planning can be the difference between your family receiving by far the majority of what you’ve worked so hard for and taxes receiving a rather large chunk of it instead of your family. That’s why it’s so important to plan well and to begin early.
One of the most important aspects of estate planning is avoiding probate. Probate is a legal process that involves court appearances and paperwork by attorneys who work to resolve a deceased person’s estate.
It’s important to have a qualified estate planning attorney to draft your estate planning documents. When dealing with a will or trust, any mistakes or missing signatures can change their entire intent.
If you have a family member with special needs, a good estate plan can be even more urgently important than it might otherwise be, as inheriting can limit some options that they may otherwise have. An estate planner can help you figure out how to solve that problem.
Do you have a life insurance policy? There are many good reasons for an insurance policy, including the ease with which the proceeds pass on to your beneficiary. Death benefits from an insurance policy go directly to the beneficiary.
Nowadays, there are resources for setting up your own will. Unfortunately, many of them don’t hold up to the probate process. It’s crucial to work with a professional who specializes in estate planning and can guarantee your wishes are carried out.
Do you believe that one of your children is better equipped to withstand the grief and emotion after you die and handle the details of your funeral and will? We can include that child as your executor in your will, so that everyone there will be clear regarding your wishes.
Unfortunately, every state has a different process for handling someone’s estate after he or she dies. Rather than forcing your loved ones to become experts on probate, let’s get a will or trust drawn up for you.
The gift tax is a way to reduce the size of your estate. The annual gift exclusion can change from year to year. You can donate up to the exclusion to any source. It's also possible to combine gifts to many different people.
Do you have minor children in your household? If so, making guardianship arrangements is a critical part of estate planning, as this names their legal guardian in the event anything happens to you.
Did you know that if you are married and you and/or your spouse's combined estate is worth $625,000 dollars or more that you can be vulnerable to unnecessary estate taxes? The best way to maximize what you leave to your beneficiaries is through a good estate plan.
Having a competent estate planning lawyer is an important part of protecting your assets and making sure they are passed down according to your wishes. Your lawyer can advise you on estate decisions, create legal documents, keep your estate plan current with new laws, and eventually help disperse the assets.
One benefit of establishing a living trust is that you can name a trustee to manage your estate if you become incapacitated. It can also help you avoid probate, which can take up to 24 months and be quite expensive.
So how exactly does a power of attorney work? This is a legal mandate that authorizes another person to act on your behalf if you become incapacitated concerning legal, business, financial, and even health matters.
What is a health care proxy? That’s a legal document in which you appoint a person to make medical decisions for you in the event you cannot. That person – who can be a relative or trusted friend – can ensure that any end-of-life medical care follows your personal preferences.
