How soon after I die will my beneficiaries receive the assets in my will? If an estate planning attorney has helped you to avoid probate – perhaps by setting up a trust – your beneficiaries could receive assets just weeks after your death.
You and your spouse have probably spoken in depth about issues such as cremation or burial and end-of-life medical treatment. It’s a smart idea, however, to recognize that it’s impossible to know who will live longest. Experts recommend that everyone has a will that includes directions for end-of-life care.
Planning for your own passing is something no one wants to think about. That’s a given. But it is a very important task that we should all consider. An estate plan will help with the repercussions that can come from inheriting, and save your family a great deal of money.
What is a trust? At its most general level, a trust is a legal arrangement managed by a designated person (the trustee) who holds title to and manages the investments or property held in the trust.
There are many different federal and state laws that govern wills, trusts, and other estate planning documents. It's important to have experienced help when planning your estate so you can be sure your documents are legally valid and cover every eventuality.
While the disposition of an estate is often thought of as something for people with significant assets, people of all wealth levels can benefit from putting together an estate plan.
An attorney skilled in estate planning is the perfect person to help you set up a trust, which will lay down the way you would like your assets to be managed and distributed. A trust offers many benefits, including avoiding probate, tax savings, and maintaining privacy.
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.
So what does estate planning consist of? At minimum, a solid estate plan should include a last will and testament, designation of power of attorney rights, and a healthcare proxy.
It’s important to remember that the preparation of your will or a financial power of attorney doesn’t have to be a complicated and expensive process. When your needs are simple, we’ll usually be able to have everything ready for you much faster than you may have guessed.
While it may be the last thing you want to think about, estate planning after the death of a spouse can help you avoid making hasty financial decisions and minimize the estate taxes you may have to pay.
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.
Although you may be more than capable of operating a software program to create your will, it won’t always be able to help you understand all the nuances of your situation. For this reason, it’s usually best to work with an estate planning attorney.
A good attorney is essential when it comes to estate planning. Not only can they help you make decisions that are best for your individual situation, but they can help you navigate the ever-changing federal and state laws governing estates as well.
A Power of Attorney is a legal document in which you appoint a person or organization to handle all matters of your estate while you're incapacitated or unable to do so.
There are exceptions to the federal gift tax rules. While there is a limit on gifts with no tax obligation, you can make unlimited gifts to your spouse, to pay for college tuition, to any charity or to a political organization without having to pay taxes on that gift.
If you have a blended family, you may discover that something as seemingly simply as putting together your will can become suddenly more complicated. When you need a trusted advisor to help walk you through all your legal options, we’re always ready to help.
Depending on the value of your estate, your heirs may or may not have to pay federal taxes. Make sure you check to see if your state is one of the 11 in the country that also imposes inheritance taxes.
You are free to leave property and assets to anyone you want, although in a community property state half of one spouse’s community assets must go to the other spouse. You can specifically list which child you want to receive certain assets, but if you don’t have a will, state law is used to determine how your estate is divided.
Have you ever been involved in a situation in which a family member died and no will was involved? There's a great deal of uncertainty, which can be very difficult for everyone involved. With some basic estate planning, you can avoid that confusion.
By hiring an estate planning attorney, you can help to ensure that your inheritance property is protected following incapacity or death. We can help you to develop key estate planning strategies that might include everything from establishing a will to setting up a trust.
When Marlon Brando died, Angela Borlaza said he gave her a house and promised her she could keep working for his estate. She sued on both issues, which was just one of the problems faced in Brando’s estate planning.
When it comes to estate planning, there are several elements involved. This includes your will, a power of attorney, a living will or medical power of attorney, and sometimes also a trust.
As we age, it’s natural to begin thinking about what will happen to our loved ones after we pass. Whether you have significant assets or just a modest portfolio, working on your estate plan with an attorney is a good start to ensuring your loved ones are taken care of.
